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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


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.


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 periodicals archive ?
A wilful defaulter is one who has not paid the loan back despite the ability to repay it.
The CIC's statement comes as the issue of show cause notice being served to RBI governor Urjit Patel for non-disclosure of wilful defaulters list has come to the fore.
Sitting with Mr Justice Lavender and Judge Simon Bourne-Arton QC, he added: "We are satisfied that the overall directions on wilful neglect were sufficiently clear and do not provide a basis for an arguable ground of appeal."
There is 16 per cent rise in wilful defaulters over last year who owe over Rs 25 lakh to the banks.
The house was taped off and the pair were arrested on suspicion of wilful neglect of a young person under 16.
1992) ("Wilful is a word with many uses in the law, but even the weaker connotations imply knowledge of unlawfulness or reckless indifference to the law...." (first citing McLaughlin v.
POLICE fear "many more" staff could have been providing substandard care to patients at Princess of Wales Hospital than the number charged with wilful neglect.
Any diversion of funds immediately triggers RBI's "wilful default" clause.UBI finally became the first bank to declare Mallya and three other directors of the ailing airline wilful defaulters on September 1.
TWO nurses from the Princess of Wales Hospital have appeared at Cardiff Crown Court, charged with wilful neglect.
New Delhi: The Supreme Court on Tuesday refused to entertain a petition filed by Kingfisher Airline against being declared as wilful defaulter, saying it has become infructuous as the Grievance Redressal Committee of Union Bank of India has already passed an order.
Wilful blindness as a form of fault is quite familiar to Canadian criminal law.