Will and Testament
A legal document specifying how a person's assets should be distributed and affairs managed after death.
What is Will?
A will and testament (also called a last will) is a legal document in which a person specifies how their property should be distributed after death, names an executor to administer the estate, designates guardians for minor children, and may establish trusts for beneficiaries. A will must typically be signed in the presence of witnesses to be valid. Assets that pass through a will are subject to probate — a court-supervised process that validates the will and oversees distribution. Note that certain assets, including retirement accounts, life insurance policies, and jointly held property, pass outside the will via beneficiary designations.
Example
Warren Buffett has publicly discussed his estate plan, directing the bulk of his Berkshire Hathaway shares to charitable foundations, with a smaller portion in trust for his family. He recommended that 90% of cash left to his wife be invested in a low-cost S&P 500 index fund — advice he included in his written estate directives. Dying without a will (intestate) means state law determines asset distribution, which often differs from personal wishes.