What Is A Will And Why Do I Need One?

By Investopedia. May 7th 2016

If you don't currently have a will, your loved ones may not receive the assets you wish to leave them in the event of your death. If you're unsure of where to start, read on for the basic information you need to know when you're considering making a will.

What Is a Will?
A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. Wills come in several varieties, including the following:

Self-Proving/Testamentary Will
A self-proving will, also known as testamentary will, is the traditional type of will with which most people are familiar. It is a formally prepared document that is signed in the presence of witnesses.

Holographic Will
Holographic wills are written without the presence of witnesses. They rarely hold up in court.

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