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Simple English definitions for legal terms
ambulatory will
Read a random definition: Dodd-Frank: Title VIII - Payment, Clearing, and Settlement Supervision
A quick definition of ambulatory will:
An ambulatory will is a type of will that can be changed by the person who made it while they are still alive. A will is a document that says what should happen to a person's things after they die. There are many different types of wills, like holographic wills that are handwritten, joint wills made by two or more people, and nuncupative wills that are spoken out loud. An ambulatory will is special because it can be changed if the person who made it changes their mind about what they want to happen after they die.A more thorough explanation:
Definition: A type of will that can be changed by the person who made it while they are still alive.
Example: John creates a will that leaves all his money to his sister. Later, he decides to change it and leaves his money to his nephew instead. Since John's will is ambulatory, he can make this change while he is still alive.
Explanation: An ambulatory will is a type of will that can be changed by the person who made it while they are still alive. This means that the person can make changes to the will if they change their mind about who they want to leave their property to. The example illustrates this by showing how John changes his will from leaving his money to his sister to leaving it to his nephew.