What is Will?

A will, also known as a last will and testament, is a legal document that outlines how a person’s assets and property should be distributed after their death. It allows individuals to specify their wishes regarding the distribution of their estate, appoint guardians for minor children, and name an executor to oversee the administration of the estate.

Features of a Will are:

• Identification of Beneficiaries: The will identifies the individuals or organizations (beneficiaries) who will inherit the testator’s assets and property.
• Appointment of Executor: The testator appoints an executor, also known as a personal representative, to carry out the instructions outlined in the will. The executor is responsible for managing the estate, paying debts and taxes, and distributing assets to beneficiaries.
• Distribution of Assets: The will specifies how the testator’s assets and property should be distributed among the beneficiaries. This may include specific bequests (e.g., a particular piece of property or a sum of money) as well as instructions for the distribution of the remainder of the estate (residuary estate).

Will and Trust are estate planning tools used to distribute assets and property after a person’s death, but they have distinct differences. A legal document that specifies how a person’s assets and property should be distributed after their death is known as a Will, whereas a legal arrangement in which one party (the trustor or settlor) transfers ownership of assets to another party (the trustee) to hold and manage for the benefit of a third party (the beneficiary) is known as a Trust.