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Trusts & Estates Glossary: W

WASTING TRUST:
A trust composed of property which is gradually being consumed.

WIDOW’S ALLOWANCE:
The allowance of personal property made by the court or by statute to a widow for her immediate requirements after her husband’s death.

WIDOW’S EXEMPTION:
The amount allowed as a deduction in computing the state inheritance tax on the widow’s share of her husband’s estate.

WILL:
A legally enforceable declaration of a person’s wishes in writing regarding matters to be attended to after his death and inoperative until his death. A will usually, but not always, relates to the testator’s property, is revocable (or amendable by means of a codicil) up to the time of his death and is applicable to the situation which exists at the time of his death.