Testamentary Will


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.

BREAKING DOWN '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.

  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. Inheritance

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

    A will established by an individual who has already taken the ...
  5. Nuncupative Will

    A verbal will that must have two witnesses and can only deal ...
  6. Living Will

    A legal document that sets out the medical care an individual, ...
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. Budgeting

    Preventing Medical Bankruptcy

    If you’re worried medical expenses could overwhelm you, there are some thing you can do to ease your concerns.
  8. Insurance

    Medicare 101: Do You Need All 4 Parts?

    Medicare is the United States’ health insurance program for those over age 65. Medicare has four parts, but you might not need them all.
  9. Insurance

    How Life Insurance Works in a Divorce

    Learn the implications of life insurance in a divorce situation, and identify the steps you should take to ensure your policies are sorted out post-divorce.
  10. Entrepreneurship

    Creating a Risk Management Plan for Your Small Business

    Learn how a complete risk management plan can minimize or eliminate your financial exposure through insurance and prevention solutions.
  1. Can personal loans be included in bankruptcy?

    Personal loans from friends, family and employers fall under common categories of debt that can be discharged in the case ... Read Full Answer >>
  2. Do FHA loans have private mortgage insurance (PMI)?

    he When you make a down payment from 3 to 20% of the value of your home and take out a Federal Housing Administration (FHA) ... Read Full Answer >>
  3. Does renters insurance cover water damage?

    An all-perils renters insurance policy does cover water damage, less the deductible, to personal property if the damage is ... Read Full Answer >>
  4. Does a Flexible Spending Account (FSA) cover massages?

    Flexible Spending Accounts (FSAs) cover massages for certain medical treatments. These treatments must be approved and prescribed ... Read Full Answer >>
  5. Does a Flexible Spending Account (FSA) cover Lasik?

    Flexible spending accounts (FSA) can be used to pay for qualifying LASIK procedures. LASIK is not the only laser eye surgery ... Read Full Answer >>
  6. Are Flexible Spending Account (FSA) expenses tax deductible?

    Flexible Spending Account (FSA) expenses are not tax deductible. The U.S. Internal Revenue Service (IRS) states you cannot ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Take A Flier

    The slang term for a decision to invest in highly speculative investments.
  2. Bar Chart

    A style of chart used by some technical analysts, on which, as illustrated below, the top of the vertical line indicates ...
  3. Take A Bath

    A slang term referring to the situation of an investor who has experienced a large loss from an investment or speculative ...
  4. Black Friday

    1. A day of stock market catastrophe. Originally, September 24, 1869, was deemed Black Friday. The crash was sparked by gold ...
  5. Turkey

    Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities ...
  6. Barefoot Pilgrim

    A slang term for an unsophisticated investor who loses all of his or her wealth by trading equities in the stock market. ...
Trading Center