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A Will, also known as a Last Will and Testament, is a legally prepared and bound document that states your intentions for the distribution of your assets and wealth after your death. In the event you have children, a valid Will also allows you to designate who will care for them. A Will, however, is only one part of a comprehensive Estate Plan.
If you have an inheritance, even if it’s in trust, you should consider writing your will. If you have specific plans for a beloved pet frog should you yourself croak, get a will. If you have money or objects you want to leave to a specific person, group, or charity, you’ll want one.
While you are living you create a will and then once you pass away the will acts as legal instructions for how your estate should be divided amongst your beneficiaries.