A will is a written legal document that takes effect upon your death and directs how certain assets should be handled and distributed. A will allows you to name an executor—the person responsible for administering your estate—and identify the beneficiaries who should receive property owned in your individual name. A will can also designate a guardian for minor children and may include provisions that excuse the executor from posting a bond if probate is required. Depending on your circumstances and goals, a will can be relatively simple or more comprehensive and complex. 

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A will is an important estate planning tool, but it has limitations. A will generally does not control assets that are jointly owned with another person or assets that pass by beneficiary designation, such as certain retirement accounts and life insurance policies. In addition, because a will takes effect only upon death, it does not provide a mechanism for managing your financial or personal affairs during a period of incapacity or disability. A will also does not, by itself, avoid probate. For these reasons, a will is often one component of a broader estate plan designed to address a client’s complete financial and personal circumstances.