What is the declaration of a person’s wishes regarding their property after death called?

What is the declaration of a person’s wishes regarding their property after death called?

• A. A deed
• B. A will
• C. An estate plan
• D. A trust

Answer: (B)

The declaration of a person’s wishes regarding their property after death is referred to as a will. A will serves as a legal document through which an individual outlines how their assets and estate should be distributed upon their passing. It may also specify other important matters, such as guardianship for minor children or the appointment of an executor to manage the estate. In contrast, a deed primarily involves the transfer of property ownership from one person to another during their lifetime and does not address after-death wishes. An estate plan encompasses a broader strategy that may include a will, trusts, and other documents to manage an individual's assets during their lifetime and after their death, but it does not specifically define the document that serves as a declaration of wishes regarding property. A trust is a legal arrangement where one party (the trustee) holds and manages assets for the benefit of another party (the beneficiary). While trusts can also dictate the distribution of property after death, the term that directly corresponds to a person's expressed desires concerning their estate is clearly a will.

The declaration of a person’s wishes regarding their property after death is referred to as a will. A will serves as a legal document through which an individual outlines how their assets and estate should be distributed upon their passing. It may also specify other important matters, such as guardianship for minor children or the appointment of an executor to manage the estate.

In contrast, a deed primarily involves the transfer of property ownership from one person to another during their lifetime and does not address after-death wishes. An estate plan encompasses a broader strategy that may include a will, trusts, and other documents to manage an individual's assets during their lifetime and after their death, but it does not specifically define the document that serves as a declaration of wishes regarding property. A trust is a legal arrangement where one party (the trustee) holds and manages assets for the benefit of another party (the beneficiary). While trusts can also dictate the distribution of property after death, the term that directly corresponds to a person's expressed desires concerning their estate is clearly a will.