Definition: A Last Will and Testament

Contrary to what you see in the movies, A last will and testament does not have the final say on how your assets will be distributed after death. Some assets are even out of the estate before the will is triggered. If you have only a last will and testament, the only thing you can be sure of is that your estate is guaranteed to go into probate: period. In general, the Last Will and Testament is an inefficient and poor planning tool.