# Will

*Everyday Money — Finicade finance glossary*

A will is the legal document stating who inherits your property and who is guardian of your children. Without one, intestacy rules decide — a formula that ignores stepchildren, unmarried partners and your actual intentions. A will must usually be signed and witnessed to specific standards to be valid, and it only governs assets that pass through your estate: jointly owned property and accounts with named beneficiaries bypass it. It also triggers probate, which is why larger estates often pair it with a trust.

**Also known as:** last will and testament

**Related terms:** [Estate Planning](https://finicade.com/glossary/estate-planning), [Probate](https://finicade.com/glossary/probate), [Beneficiary](https://finicade.com/glossary/beneficiary), [Inheritance](https://finicade.com/glossary/inheritance), [Power of Attorney](https://finicade.com/glossary/power-of-attorney)

Source: https://finicade.com/glossary/will