Definition - What does Will mean?
A will is a legal document that a person writes, often with the help of a lawyer, to express their desires for who should inherit their assets and property after they pass. In the context of insurance, a will is closely related to life insurance. The latter provides a death benefit to beneficiaries named by the policyholder, and a will provides assets to beneficiaries named by the decedent. These beneficiaries are often the same people, such as a spouse or a child of the decedent.
A will is also known as a last will and testament.
Insuranceopedia explains Will
An important aspect of estate planning, a will ensures the testator or deceased has their wishes fulfilled after their death. This legally binding document lets the testator distribute their assets as they see fit. In the absence of a will, the decision is left up to the government who may decide some or all of the assets should become state property. Moreover, it helps limit any disputes among family and makes the probate process easier for the state and any heirs.