Will (Last Will and Testament)

A will is the foundational estate planning document. It specifies how you want your assets distributed, names an executor to manage the process, and — if you have minor children — designates guardians.

However, a will alone is often insufficient. Assets distributed through a will must go through probate — the public, court-supervised process that can take months or years.

A will also only controls assets titled in your individual name. It doesn't govern jointly-held property, assets in trusts, or accounts with beneficiary designations.

For most people with meaningful assets, a will works best as a safety net alongside a trust-based plan — catching any assets that weren't transferred to the trust during lifetime (a "pour-over will").