What term describes the instructions left by a deceased individual regarding the management of their estate?

Prepare for the DEAD Legal and Regulatory Test. Use flashcards and multiple choice questions with detailed hints and explanations for each query, ensuring readiness for your exam!

The term that describes the instructions left by a deceased individual regarding the management of their estate is a will. A will is a legal document in which an individual outlines how their assets and affairs should be handled after their death. This includes specifying beneficiaries, appointing executors to administer the estate, and detailing any special wishes or instructions regarding personal property.

In legal contexts, a will serves as an essential tool for ensuring that a person's final wishes are honored, providing clarity and direction to surviving family members and legal representatives. It is different from a trust, which is a fiduciary arrangement that can manage assets during a person's lifetime and after death, and a codicil, which is an amendment or addition to an existing will. A directive generally refers to a broader category of instructions that might include advance healthcare directives or living wills, but it does not specifically pertain to the management of an estate after death.

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