Agreement Contract Vs. Last Will and Testament

Contracts are different documents than wills.

Contracts and wills are separate legal documents with their own uses and requirements. Both documents impact the other under certain circumstances and have different areas of law governing their drafting and execution.

Definitions

According to "Black's Law Dictionary," a contract is "an agreement between two or more parties creating obligations that are enforceable or otherwise recognizable as law." A will is a document stating the testator's desire for property distribution upon his death.

Requirements

To have a valid contract, there must have been an offer and acceptance between parties, as well as consideration in the form of money or action to be performed as a basis of the contract. For a valid will to exist, it must be made by a competent person who is at least 18 years of age and must be witnessed and signed by at least two witnesses in addition to the person creating the will, according to Roger W. Anderson in "Understanding Trusts and Estates."

Relation Between The Two Documents

When drafting a will, the testator can only give property to which he has an ownership interest. Insurance policies cannot be devised through a last will and testament because the policies are not property, but instead are considered contractual agreements between the policy holder and the insurance company.

References

• "Black's Law Dictionary"; Bryan A. Garner, ed.; 2006
• "Understanding Trusts and Estates"; Roger W. Anderson; 2009