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".


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.

  1. IRA Asset Will

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  2. Executrix

    A female individual who is responsible for executing the provisions ...
  3. Last Will And Testament

    A legal document that communicates a person's final wishes, as ...
  4. Living Trust

    A property interest created during a person's life that allows ...
  5. Beneficiary

    Anybody who gains an advantage and/or profits from something. ...
  6. Heir

    HeirA person who inherits some or all of the estate of another ...
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  1. How does the trust maker transfer funds into a revocable trust?

    Once a revocable trust is created, a trust maker transfers funds or property into the trust by including them in a list with ... Read Full Answer >>
  2. What happens when a will and a revocable trust conflict?

    A revocable trust, by nature, is a living trust established during the life of the grantor; by definition, it can be changed ... Read Full Answer >>
  3. 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 ... Read Full Answer >>
  4. How much money does Texas make from unclaimed property each year?

    In 2014, the office of the Texas Comptroller of Public Accounts reported $234 million in unclaimed property claimant liabilities, ... Read Full Answer >>
  5. How much money does Michigan make from unclaimed property each year?

    According to the 2013-2014 Annual Report of the State Treasurer, the state of Michigan earned only $82,875 in abandoned and ... Read Full Answer >>
  6. Who decides if a financial security should be escheated?

    There is no one entity who "decides" to escheat assets. Rather, financial institutions are required to report inactive accounts ... Read Full Answer >>

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