As the name suggests, a will refers to the wish. In legal terminology, will means a document that expresses the last wishes of a person. The person who created the will is known as a testator. The testator can appoint an executor who will oversee the transfer of a testator’s estate to his legal heir.
The will undergoes probate after the demise of the testator, in which court assures that the last wishes of will maker are carried out properly. It may also contain the directions or instructions regarding the use of testator’s asset after he passes away.
The will comes into effect only after the death of the testator. The testator has the right to revoke or alter the will anytime, before his death and of sound mind. If a person has created multiple wills for the distribution of his assets, then his ‘latest will’ will be executed. If a person dies without creating a will, then his property is designated to his legal heirs, as per the law of inheritance. Here, legal heirs refer to children, spouse, father, mother, etc.