📜 Wills & Testaments

Documents that direct how your property is distributed after death. — 20 terms

• Beneficiary

  A person or organization designated to receive assets from a will, trust, life insurance policy, retirement account, or other financial arrangement. You can name multiple beneficiaries and specify wha...

• Bequest

  A gift of personal property made through a will. 'Bequest' and 'legacy' are used interchangeably. A specific bequest identifies a particular item; a general bequest is a gift of a certain amount of mo...

• Codicil

  A separate document that amends or adds to an existing will without replacing it entirely. A codicil must be signed and witnessed with the same formalities as a will. Today, most attorneys recommend c...

• Community Property

  A system used in 9 states where most property acquired during marriage is owned equally by both spouses, regardless of who earned the money or whose name is on the title. Community property states inc...

• Devise

  A gift of real property (land or buildings) made through a will. As a verb, 'to devise' means to give real property by will. In modern usage, many states use 'devise' to mean any gift by will.

• Devisee

  A person who receives a gift of real property (land, buildings) through a will. The gift of real property is called a devise. In modern usage, the distinction between devisee and legatee is often blur...

• Elective Share

  The legal right of a surviving spouse to claim a certain percentage of the deceased spouse's estate, regardless of what the will says. This prevents someone from completely disinheriting their spouse.

• Estate Plan

  A comprehensive set of legal documents and strategies that together determine how your assets will be managed during your life (if incapacitated) and distributed after death. A basic estate plan inclu...

• Holographic Will

  A will that is entirely handwritten and signed by the person making it, without witness signatures. Holographic wills are only valid in about half of U.S. states and are more likely to be challenged i...

• Joint Tenancy

  A form of property ownership where two or more people own equal shares, and when one owner dies, their share automatically passes to the surviving owner(s). This avoids probate for the property.

• Legacy

  A gift of money or personal property made through a will. The term is essentially interchangeable with bequest. In everyday language, 'legacy' also means the lasting impact someone leaves behind.

• Legatee

  A person who receives a gift of personal property (such as money, jewelry, or stocks) through a will. The gift itself is called a legacy or bequest.

• No-Contest Clause

  A provision in a will or trust that penalizes a beneficiary who challenges the document in court. If the challenge fails, the beneficiary loses their inheritance. Also called an 'in terrorem' clause. ...

• Pour-Over Will

  A will that directs any assets not already in your trust at the time of death to be transferred ('poured over') into the trust. It acts as a safety net to catch assets that were not transferred to the...

• Pretermitted Heir

  A child or descendant who is born or adopted after a will is signed and is not mentioned in the will. Most states have laws that give pretermitted heirs a share of the estate as if the parent had died...

• Self-Proving Will

  A will that includes a special notarized affidavit signed by the witnesses at the time the will is signed. This affidavit allows the will to be admitted to probate without requiring the witnesses to t...

• Separate Property

  Property that belongs to one spouse alone, not to both spouses jointly. Separate property typically includes assets owned before marriage, gifts received by one spouse, and inheritances.

• Tenancy by the Entirety

  A special form of joint property ownership available only to married couples. When one spouse dies, the property automatically passes to the surviving spouse. It also provides protection from one spou...

• Testament

  An older legal term that originally referred specifically to personal property disposition. Today, 'last will and testament' is used as a single phrase meaning the same thing as a will.

• Will

  A written legal document that states how you want your property and assets distributed after you die. A will can also name guardians for minor children and specify your wishes for funeral arrangements...