What is a Will?
A will is a written document that allows you to designate:
– Who will receive your estate (your property that does not pass by beneficiary designation or joint ownership arrangement; see more below) after you die;
– Who will raise your children if you die while they’re still minors, and your spouse is unavailable to care for them;
– Whether your beneficiaries receive their inheritance outright or in a trust; and
– Who will serve as your personal representative- that is, the person who will pay your bills and taxes and distribute the rest of your estate to your beneficiaries.