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Will

Definition

A legal document outlining how your assets should be distributed after your death, ensuring your wishes are followed.

What to consider

  • Review it regularly to ensure it reflects your current wishes.
  • Update it after major life changes like marriage or divorce.
  • Store it safely but ensure trusted people know where to find it.

Real world scenarios

  • Miles writes a will specifying how to distribute his property among his children, preventing family disputes later.
  • Christine updates her will after buying a second home and adopting a pet, ensuring all assets and care instructions are covered.
  • Even with modest savings, Carter creates a will. He wants clarity on who inherits his personal collections and sentimental items.

Related terms

Guardianship
Liability Insurance
Living Trust
Car Title
Prenuptial Agreement

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