# Last will and testament

Canonical URL: https://olomon.com/financial-glossary/last-will-and-testament
Markdown twin: https://olomon.com/financial-glossary/last-will-and-testament/llms.txt
Category: Estate & Legacy Planning (https://olomon.com/financial-glossary/categories/estate-legacy-planning)
Also known as: Will, Testament
Last updated: 2026-04-18

## Definition

A last will and testament is a legal document in which a person directs how their probate assets should be distributed at death, names guardians for minor children, and appoints an executor to administer the estate. To be valid, a will must meet state-specific signing and witnessing requirements.

## Key takeaways

- A will controls only probate assets — not assets passing by beneficiary designation, joint title, or trust.
- Wills must follow state-specific signing and witnessing rules to be valid.
- Without a valid will, state intestacy law decides who inherits and who raises minor children.
- A will should be reviewed after every major life event and at least every few years.

## How Olomon thinks about this

_The following section is Olomon's first-party perspective, informed by our work building a financial system of record. It is intentionally separated from the neutral definitional content above._

Olomon stores your executed will, tracks where the original lives (state law often requires the original, not a copy, for probate), and ties it to the rest of your estate plan so a successor or executor can locate it instantly.

## In-depth definition

Even households with a fully funded [revocable trust](https://olomon.com/financial-glossary/living-trust-revocable-trust) still need a will — typically a “pour-over” will that catches anything that wasn't titled into the trust during life. Wills are also where guardianship for minor children is named, which makes them essential for any parent regardless of [net worth](https://olomon.com/financial-glossary/net-worth).

## Frequently asked questions

### Can I write my own will?

Holographic (handwritten) wills are valid in some states under specific conditions, but they are easy to invalidate and easy to misinterpret. For most households, a will drafted with an estate attorney — or at minimum a reputable platform — is the right move.

### Where should I keep my original will?

Somewhere safe, accessible to your executor, and known to your spouse or trusted family. A fireproof home safe, an attorney's vault, or a courthouse will deposit (in some jurisdictions) are common choices.

## Sources

1. [Getting Your Affairs in Order — NIA](https://www.nia.nih.gov/health/advance-care-planning/getting-your-affairs-order-checklist-documents-prepare-now) — National Institute on Aging (NIH). Cited for: Will inclusion in personal affairs checklist.
2. [What is a will? — CFPB](https://www.consumerfinance.gov/ask-cfpb/what-is-a-will-en-1469/) — Consumer Financial Protection Bureau. Cited for: Consumer-friendly definition.

## Related terms

- [Estate plan](https://olomon.com/financial-glossary/estate-plan)
- [Executor](https://olomon.com/financial-glossary/executor)
- [Probate](https://olomon.com/financial-glossary/probate)
- [Living trust / revocable trust](https://olomon.com/financial-glossary/living-trust-revocable-trust)

## Cite this page

Olomon Editorial Team. (2026). Last will and testament. Olomon Financial Glossary. https://olomon.com/financial-glossary/last-will-and-testament

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