what is a will 
a will also called a last will and testament is a legally enforceable declaration of how a person wants his or her property and assets distributed after death a will can serve other purposes for example a person can recommend a guardian to care for surviving minor children or state preferences for their funeral understanding a willa will is an important component of estate planning it ensures that a person s wishes are carried out makes it easier for heirs and prevents family squabbles if an individual dies without a will the distribution of the person s property is left up to the state government and may even end up becoming state property the format of a will varies but most follow a fairly uniform layout the document usually begins with a statement that the writer is of legal age and is making the will freely and without duress it attests to the writer s mental soundness at the time the will was made this section establishes the writer s identity and includes an explicit statement that this document rescinds any previous will in the will the writer names an executor who oversees the liquidation and distribution of the decedent s assets according to the terms of the will the executor must also pay off any outstanding debts and taxes on the estate an executor may be an attorney or financial expert or anyone the writer of the will trusts to act responsibly the executor may be entitled to receive a reasonable fee for services rendered fee guidelines are mandated by the state after naming an executor and guardian for any minor children the will should discuss insurance policies that have a named beneficiary wills do not supplant agreements related to life insurance proceeds retirement assets or transfer on death investment accounts this section may also itemize joint bank accounts and property that is co owned with other individuals make sure that the named beneficiaries in all of your financial and insurance accounts match the names in your will if they are different the beneficiary designation in your accounts will override the intentions expressed in your will the bequest section of the will specifies beneficiaries for all the deceased person s property or assets except for insurance policies and joint accounts already covered in a preceding section it s crucial that all beneficiaries are named clear and reasonable instructions are important for preventing possible legal challenges that could delay probate and create significant legal expenses a will may also include instructions about the writer s funeral and burial wishes if the decedent has made prior arrangements for a burial plot or funeral expenses those should be stated in this section state requirements for willsmost states require that a will be witnessed by two individuals and signed by the writer at the end of the document holographic wills may be used in some states after death the will is submitted to the probate court of the county or city in which the individual resided the probate process can be fairly quick or protracted depending on the complexity of the estate and whether there are legal challenges to the will a clear and complete will can make the process as quick and smooth as possible 