Last Will And Testament

AAA

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 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.

RELATED TERMS
  1. Executrix

    A female individual who is responsible for executing the provisions ...
  2. Estate Planning

    The collection of preparation tasks that serve to manage an individual's ...
  3. Trust

    A fiduciary relationship in which one party, known as a trustor, ...
  4. Probate

    The legal process in which a will is reviewed to determine whether ...
  5. Executor

    An individual appointed to administrate the estate of a deceased ...
  6. Will

    A legally enforceable declaration of how a person wishes his ...
RELATED FAQS
  1. How is maintenance of standard of living for survivors accomplished in estate planning?

    Estate planning is an integral component of comprehensive financial planning, as it allows individuals and couples to maintain ... Read Full Answer >>
  2. What should I consider when I select an executor for my will?

    The executor of a will is the person designated with the task of administering the will's instructions. The responsibilities ... Read Full Answer >>
  3. What is a family Limited Liability Company (LLC)?

    A family limited liability company (LLC) is formed by family members to conduct business in a state that permits such form ... Read Full Answer >>
  4. What is the difference between an intervivos trust and a testamentary trust?

    Estate planning offers tools to establish and maintain effective control over cash, investment and real estate assets during ... Read Full Answer >>
  5. What are the differences between a Chartered Financial Analyst (CFA) and a Certified ...

    The differences between a Chartered Financial Analyst (CFA) and a Certified Financial Planner (CFP) are many, but comes down ... Read Full Answer >>
  6. What is the difference between revocable and irrevocable intervivos trusts?

    Within estate planning, individuals have a myriad of options for maintaining control over assets beyond the grave. A tool ... Read Full Answer >>
Related Articles
  1. Retirement

    Top 7 Estate Planning Mistakes

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

    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.
  3. Personal Finance

    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.
  4. Retirement

    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. Retirement

    Estate Planning Basics

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

    3 Secrets You Didn't Know About Estate Planning

    Every advisor and saver needs to know these three estate planning secrets.
  7. Retirement

    Roth 401(k) Vs. Roth IRA: Which One Is Better?

    It all depends on your age, your income - and your plans for your retirement nest egg.
  8. Professionals

    How to Best Navigate Taxes in Retirement

    Here's a rundown on tax strategies that can help extend the life of a nest egg.
  9. Personal Finance

    5 Signs You Need A Postnup

    They're not the most fun thing to contemplate, but these contracts can actually help a marriage.
  10. Entrepreneurship

    MLPs: How They Are Taxed

    The advantages of MLPs outweigh the disadvantages, especially if you play your cards right.

You May Also Like

Hot Definitions
  1. Treasury Yield

    The return on investment, expressed as a percentage, on the debt obligations of the U.S. government. Treasuries are considered ...
  2. Bund

    A bond issued by Germany's federal government, or the German word for "bond." Bunds are the German equivalent of U.S. Treasury ...
  3. European Central Bank - ECB

    The central bank responsible for the monetary system of the European Union (EU) and the euro currency. The bank was formed ...
  4. Quantitative Easing

    An unconventional monetary policy in which a central bank purchases private sector financial assets in order to lower interest ...
  5. Current Account Deficit

    A measurement of a country’s trade in which the value of goods and services it imports exceeds the value of goods and services ...
  6. International Monetary Fund - IMF

    An international organization created for the purpose of: 1. Promoting global monetary and exchange stability. 2. Facilitating ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!