wex definitions

will contract

Though transfers by will are normally donative, it is possible to use a will to form an obligatory, legally enforceable contract. A will contract is created when a promise is made and supported by consideration to leave property by will to the promisee...

will execution ceremony

The will execution ceremony is the procedure by which a testator makes known how they want their property to be handled after their death through their will. The execution ceremony has formal requirements such as the signature, attestation and writing...

will substitutes

Will substitutes are functionally indistinguishable from a will because the death beneficiary receives assets at the death of the donor and will substitutes convey no lifetime benefits (personal enjoyment) to the death beneficiary during the lifetime...

willful

The term willful refers to acts which are intentional, conscious, voluntary, and designed to achieve a particular result. The meaning of the term “willful” depends on the context in which it is used. For example:

In the context of...

willful tort

A willful tort is a tort that is committed in an intentional and conscious way. It is a harmful act that is committed with the wish to harm another person. It is an act that is neither accidental nor due to negligence.

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wills: attestation requirement

Wills must be attested (witnessed) in order to be valid. The witness must acknowledge the will. Most states require more than one witness.

wills: signature requirement

Wills must be signed in order to be valid. Some states require that the signature appear at the end of the document, while other states allow the signature to appear anywhere on the document.

wills: writing requirement

Wills must be in writing in order to be valid, but not necessarily paper. The writing requirement is met long as the will is written in some more or less permanent medium.

winding up

The settlement of debts and liquidation of assets, done with the goal of dissolving a partnership or corporation.

See: dissolution of corporation.

winding up a corporation

The process of dissolving a corporation or settling the affairs of a dissolved corporation. Winding up a corporation generally takes place when a corporation decides to end a business or declares bankruptcy. Winding up involves the settling...

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