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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".

Notes:

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 therefore helps ensure your wishes are carried out, and can make things simpler and easier for your heirs.

See also: Assets, Beneficiary, Bequest, Escheat, Estate Planning, Heir, Inheritance, Will Variation