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. Inheritance

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

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

    A legal document that sets out the medical care an individual, ...
  6. Pour-Over Will

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

    Protect Your Personal Assets

  2. Ethical Wills Share Final Thoughts With ...
    Retirement

    Ethical Wills Share Final Thoughts With ...

  3. 6 Ways To Lose Your Estate
    Retirement

    6 Ways To Lose Your Estate

  4. Why You Should Draft A Will
    Retirement

    Why You Should Draft A Will

comments powered by Disqus
Hot Definitions
  1. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
  2. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
  3. Days Payable Outstanding - DPO

    A company's average payable period. Calculated as: ending accounts payable / (cost of sales/number of days).
  4. Net Sales

    The amount of sales generated by a company after the deduction of returns, allowances for damaged or missing goods and any ...
  5. Over The Counter

    A security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, etc. The phrase "over-the-counter" ...
  6. Earnings Before Interest After Taxes - EBIAT

    A financial measure that is an indicator of a company's operating performance. EBIAT, which is equivalent to after-tax EBIT ...
Trading Center