What is Will?
A legal document that expresses a person's wishes about how their property should be distributed after death and who should care for minor children.
Understanding Will
Wills must meet state requirements for validity, typically including written form, testator's signature, and witnesses. Wills can be changed (codicil) or revoked during the testator's lifetime. Property passes through probate when distributed by will.
Examples
- 1Simple will leaving everything to spouse
- 2Will establishing trusts for minor children
- 3Disinheriting a family member in the will
Related Terms
Probate
The court-supervised process of proving a will's validity, paying debts, and distributing a deceased person's assets to beneficiaries or heirs.
Trust
A legal arrangement where one party (trustee) holds and manages property for the benefit of another (beneficiary) according to the terms set by the creator (grantor).
Power of Attorney
A legal document authorizing someone (the agent) to act on another person's (the principal's) behalf in financial, legal, or medical matters.
Guardianship
A court-appointed arrangement where one person (guardian) is given legal authority to make decisions for another person (ward) who cannot care for themselves.
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