Definition: A legal document that covers four important points after you die:
- Who will be in charge of your estate as your Personal Representative/Executor;
- What powers your Personal Representative/Executor will have;
- Who will inherit your property; and
- How your property will ultimately be transferred to your beneficiaries.
If you have minor children, your Last Will and Testament will also cover a fifth important point: Who will serve as the Guardian for your children until they become adults. If you die and have made a Last Will and Testament, then you haved died "
testate." If you die without having made a Last Will and Testament, then you have died "
intestate."
How to Open a Probate Estate
Also Known As: Last Will
