Will - Last Will and Testament
Definition
A Last Will and Testament, commonly referred to simply as a “Will,” is a legal document that specifies how you want your assets and property distributed after your death. A Will must be created while you’re of sound mind and without undue influence or coercion, typically must be witnessed and signed, and can be changed or revoked at any time while you’re mentally competent.
A Will typically contains
- a list of beneficiaries,
- the appointment of an executor,
- named guardians for minor children, and
- details around funeral arrangements.
With a Will, your estate is handled by a Probate court. Without a will, your estate is distributed according to state laws of Intestacy.
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