Last Will And Testament
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 Definitions
Articles Of Interest
-
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. -
Top 7 Estate Planning Mistakes
Many people try to avoid this process altogether, making things difficult for heirs. -
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. -
How To Choose The Right Executor For Your Estate
Making a careful choice now can save your heirs from a lot of problems later. -
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 of an executor include making sure all assets are accounted for, all ... -
Estate Planning Basics
Deciding what will happen to your assets when you pass away is a must - no matter how wealthy you are. -
How do I list the beneficiaries of my life insurance policies if I have a trust?
Because most states protect life insurance policies from creditors, most buyer questions come from the confusion created with ownership and beneficiary designations because of tax treatment. ... -
3 Financial Tasks We Think Are Harder Than They Really Are
Use these three tips to help put your financial situation into perspective. It turns out, organizing your finances isn't nearly as hard as you thought. -
Certifications For Estate Planning
These certifications can lead to a promising career, but is estate planning for you? -
Why You Shouldn't Die In 2013
Increases in estate tax rates and possible fiscal cliff implications will make things more difficult when it comes to arrangements for your death.
Free Annual Reports