Definition of 'Will'
A legally enforceable declaration of how a person wishes his or her property to be distributed after death. In a will, a person can also recommend a guardian for his or her children.
Also known as a "will and testament".
Investopedia explains 'Will'
Making a will is a very important component of estate planning. In it you declare who gets your belongings and assets when you die. If you do not have a will, the distribution of your property is left up to the government, and may even end up becoming state property. A will helps ensure that your wishes are carried out, and it can make things simpler and easier for your heirs.