A Will, also known as a “Last Will and Testament” is a written, legal document prepared and signed by a person – called a testator if male, or testatrix if female – stating what happens to their property, and who manages it, upon their death. The person managing the property is called the executor if male, or executrix if female. This person may also be called the estate trustee. More than one person can be appointed to do this.
The persons receiving the property are called beneficiaries. A Will may also express one’s wishes with respect to custody of minor children, as well as funeral arrangements, but while these expressions are taken into account, they are not binding. There are formal requirements that must be adhered to in order for a Will to be legally binding.
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