A will is a legal declaration that does a number of things. A will provides for who should receive property upon an individual’s death. An individual can state in a will who should receive specific items of property and who should receive the remaining property. A will is also used to appoint a guardian for minor children who is legally responsible for the children when the person signing the will dies. An individual also names a personal representative through a will who is the individual that manages the estate, begins the probate process, gathers assets and disposes of them according to the terms of the will. Wills are the most well-known estate planning tool and the foundation for any estate plan.
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