The legal instrument to control the disposition of a deceased individual's property and assets. A person who dies with a will has died testate; to die without one is intestate. The deceased who made the will is the testator or testatrix. The will's disposition of property is called a devise, and the receiver is the devisee. The assets transferred is a bequest.

The will is filed with probate court, and the administrator of the will is the executor or personal representative. In addition to the standard will, there are also holographic wills and nuncupative wills. For more information, see the "Title Transfers and Wills" article in the "Real Estate In-Depth" section.

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Borrowing Basics

Borrowing Basics

Some small business persons cannot understand why a lending institution refused to lend them money. Others have no trouble getting funds, but they are surprised to find strings attached to their loans.

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