See: elective share
[Last updated in July of 2024 by the Wex Definitions Team]
trusts, inheritances & estates
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 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,...
words of procreation
Words of procreation are the language in a will or deed that indicates a transfer of property to one person and that person's descendants. Typically, the words are used as "to A and the heirs of his body," where A is the person who inherits...