Last Will And Testament

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Dictionary Says

Definition of 'Last Will And Testament'

A legal document that communicates a person's final wishes, as pertaining to possessions and dependents. A person's last will and testament will outline what to do with possessions, whether they are being left to another person, group or donated to charity, and what will happen to other things for which they are responsible, such as custody of dependents and accounts and interests management.
Investopedia Says

Investopedia explains 'Last Will And Testament'

A will is written while a person is alive and carried out once they've passed away. In the will, a still-living person is named as the executor of the estate, and that person is responsible for administering the estate and is usually supervised by the probate court to ensure that what is specified in the will is carried out.

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Articles Of Interest

  1. Estate Planning Basics

    Deciding what will happen to your assets when you pass away is a must - no matter how wealthy you are.

  2. 4 Things To Consider Before Becoming An Estate Executor

    Executing a will takes more work than you might think. Make sure you are up to the task before agreeing to be an executor.

  3. What Is A Will And Why Do I Need One?

    Putting this document together will save your family time and money, and give you peace of mind.

  4. How To Choose The Right Executor For Your Estate

    Making a careful choice now can save your heirs from a lot of problems later.

  5. What should I consider when I select an executor for my will?

  6. Top 7 Estate Planning Mistakes

    Many people try to avoid this process altogether, making things difficult for heirs.

  7. Tax-Efficient Wealth Transfer

    Taxpayers with large taxable estates were required to take steps to reduce them before 2011.

  8. What To Do When You're Left Out Of A Will

    Discover the legal steps you can take if you are left out of a will and if fighting is worth the effort.

  9. Tax-Saving Advice For IRA Holders

    Be informed about benefits and deductions that may apply to you and avoid costly mistakes on your return.

  10. Protect Your Personal Assets

    A family limited partnership (FLP) can go a long way toward securing your family's property.
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