Will
Also called: last will and testament
A will is the legal document stating who inherits your property and who is guardian of your children. Without one, intestacy rules decide — a formula that ignores stepchildren, unmarried partners and your actual intentions. A will must usually be signed and witnessed to specific standards to be valid, and it only governs assets that pass through your estate: jointly owned property and accounts with named beneficiaries bypass it. It also triggers probate, which is why larger estates often pair it with a trust.