Testamentary Will

AAA

DEFINITION of 'Testamentary Will'

A testamentary will is a traditional will, sometimes referred to as just a will. A will is a legal document that is used to transfer an estate to beneficiaries after the death of the testator (the person that makes the will). Testamentary wills are also used to appoint guardians for minor children, select executors of wills and set up trusts for beneficiaries. Any person over the age of majority and that is of sound mind can legally draft a will.

INVESTOPEDIA EXPLAINS 'Testamentary Will'

Every will must contain the following: a) Clear indication that the testator is the maker of the will b) A statement by the testator that he or she revokes any previous wills or codicils c) A statement by the testator that demonstrates that he or she is of sound and mind and is not under duress to dispose the property, and d) a signature that is at the end of the will. Any words that come after the end of the signature will be ignored by the court.

RELATED TERMS
  1. Holographic Will

    A holographic will is a will that is handwritten and signed by ...
  2. Oral Will

    An oral will is one that is communicated orally to witnesses, ...
  3. Living Will

    A legal document that sets out the medical care an individual, ...
  4. Nuncupative Will

    A verbal will that must have two witnesses and can only deal ...
  5. Inheritance

    All or part of a person's estate/assets that is given to an heir ...
  6. Pour-Over Will

    A will established by an individual who has already taken the ...
Related Articles
  1. Personal Finance

    Protect Your Personal Assets

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

    Ethical Wills Share Final Thoughts With Heirs

    This document allows a testator, the person making the will, to leave a personal legacy.
  3. Retirement

    6 Ways To Lose Your Estate

    Find out why you shouldn't put off putting your affairs in order.
  4. Retirement

    Why You Should Draft A Will

    Don't trust the courts to follow your wishes - plan the distribution of your own assets.
  5. Options & Futures

    Getting Started On Your Estate Plan

    With some preparation, you can save your heirs from paying a hefty estate tax. Here are some tips.
  6. Retirement

    Refusing An Inheritance

    Contrary to popular belief, inheriting assets isn't always a good thing. Find out what to do if you want to disclaim them.
  7. Insurance

    Finding The Best Health Insurance You Can Get

    A close look at the pros and cons of Aetna vs. Cigna PPO health insurance helps you decide what's important for you.
  8. Insurance

    Avoid The No-Health-Insurance Penalty By Feb 15

    If you don't have health insurance, act NOW or you could owe penalties on your 2015 taxes, in addition to this year's.
  9. Insurance

    Rating Assurant Prepaid Vs. Delta PPO dental plans

    As more consumers – and dentists – join insurance plans, here’s help in choosing benefits that are right for you.
  10. Professionals

    What are some examples of common fringe benefits?

    Learn how offering fringe benefits can be a strategic recruitment and retention tool for employers and drastically increase total compensation for employees.

You May Also Like

Hot Definitions
  1. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
  2. Portfolio Turnover

    A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by ...
  3. Commercial Paper

    An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories ...
  4. Federal Funds Rate

    The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution ...
  5. Fixed Asset

    A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be ...
  6. Break-Even Analysis

    An analysis to determine the point at which revenue received equals the costs associated with receiving the revenue. Break-even ...
Trading Center