Uniform Simultaneous Death Act is a piece of legislation enacted by many states which prevents the need of multiple probate proceedings when two individuals die within 120 hours of one another. When someone passes with or without a will,...
financial events
voluntary bankruptcy
Voluntary bankruptcy is a bankruptcy proceeding commenced by the debtor; bankruptcy instituted by an adjudication upon a debtor’s petition.
Involuntary bankruptcy, on the other hand, is a bankruptcy case initiated by a...
wage attachment
Wage attachment, also known as wage garnishment, is a court order by which the court attaches debtors' wages to help pay their creditors by directly transferring the wages to the creditors. Although a wage attachment order can be obtained...
widow
According to 17 USC § 101 a widow is a person whose spouse died during their marriage and has not since remarried. Also known as a surviving spouse.
[Last updated in March of 2022 by the Wex Definitions Team]
wildcard exemption
Wildcard exemption is one of a few exemptions the Federal government and state governments allow in bankruptcy that protects some of the debtor’s personal assets from creditors. In Federal bankruptcy and in states where the wildcard exemption...
will
A will is a legal document that states a testator’s wishes and instructions for managing and distributing their estate after death. In contrast, intestate succession is passing the property of the decedent according to the State’s intestacy...
will contest
A will contest is a probate proceeding where interested parties dispute the validity of a will. The most common legal grounds for disputing the validity of a will are undue influence by someone close to the decedent, duress, revocation,...
will contract
Though transfers by will are normally donative, it is possible to use a will to form an obligatory, legally enforceable contract. A will contract is created when a promise is made and supported by consideration to leave property by will to...
will execution ceremony
The will execution ceremony is the procedure by which a testator makes known how they want their property to be handled after their death through their will. The execution ceremony has formal requirements such as the signature, attestation...
will substitutes
Will substitutes are methods used instead of a will to transfer one’s property/assets upon their death. Will substitutes are different from regular wills because the title of the asset transfers to the death beneficiary at any point,...