A will is the document you create that outlines how, when, and to whom you want your assets and property to be distributed upon your death. Importantly, it also designates a personal representative who will be responsible for distributing your assets and administering your estate.
For young parents and couples, a will can also be used to appoint a guardian for their minor children and a trustee to manage the children’s money until they are old enough to handle it themselves.
A will cannot do everything, though—there are certain limitations. A will works in concert with your other basic estate planning documents to create a fully functioning estate plan. A will only becomes effective upon your death, and after it is admitted to probate.