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.