Will

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Related to Wills: Living Wills

Will

A document stating how and to whom a person wants his/her property transferred after death. In addition to transferring property, a will may specify how certain responsibilities are to be performed. For example, a will may state who shall take care of the decedent's minor children, how they are to be educated, and so forth. A court must enforce the provisions of a will unless there is some overriding legal reason for it not to do so. Many advisers recommend writing a will to ensure that the writer's wishes are carried out.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Will.

A will is a legal document you use to transfer assets you have accumulated during your lifetime to the people and institutions you want to have them after your death.

The will also names an executor -- the person or people who will carry out your wishes.

You can leave your assets directly to your heirs, or you can use your will to establish one or more trusts to receive the assets and distribute them at some point in the future.

The danger of dying without a will is that a court in the state where you live will decide what happens to your assets. Its decision may not be what you would have chosen, and its deliberations can be costly and delay settling your estate.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

will

An instrument by which a person directs the disposition of assets after death.At one time the term will referred to disposition of real property, and a testament was a disposition of personal property,hence the expression “last will and testament.”Today,will covers all properties. See also holographic will (handwritten), nuncupative will (oral), intestate succession (dying without a will), and escheat (dying with no will and no heirs).
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in classic literature ?
'Six months after he had made that will he came in here and made another.
'He didn't seem, on second thoughts, to feel that this was quite such a brainy scheme as he had at first, and it wasn't long before he came trotting back to tear up this second will and switch back to the first one--the one leaving the money to the niece.
He wrote that Ira Nutcombe of whom they had spoken so often had most surprisingly left him in his will a large sum of money, and eased his conscience by telling himself that half of a million pounds undeniably was a large sum of money.
My reader will easily imagine how the whole crew was amazed to hear every man talking, and seeing no man opening his mouth."
Addison and I are as different as black and white, and I believe our friendship will go off by this business of party.
This, yea, this alone is REVENGE itself: the Will's antipathy to time, and its "It was."
Verily, a great folly dwelleth in our Will; and it became a curse unto all humanity, that this folly acquired spirit!
And because in the willer himself there is suffering, because he cannot will backwards--thus was Willing itself, and all life, claimed--to be penalty!
"I like it; we have such nice times, and Will is there, and we bake little johnny-cakes in the baker before the fire, and they sing, and it is so pleasant."
"This will do; but why you women always stick tassels and fringe all over a sofa-cushion, to tease and tickle a fellow, is what I don't understand."
I am perfectly aware of this, and will henceforth oppose nothing to the accomplishment of my destiny.
Various ideas rushed through her mind as to what the burning of a second will might imply.