how a last will and testament works
a will and last testament directs the disposition of your assets such as bank balances property or prized possessions it will detail who is to receive property and in what amount it can establish guardian arrangements for surviving dependents if you have a business or investments your will can specify who will receive those assets and when a will also allows you to direct assets to a charity or charities or to an institution or an organization a person writes a will while living its instructions are only carried out once the individual dies a will names an executor of the will that person is responsible for administering the estate a probate court usually supervises the executor to ensure that the wishes specified in the will are carried out a will and last testament can form the foundation of an estate plan and is the key instrument used to ensure that the estate is settled in the manner desired by the deceased while there can be more to an estate plan than just a will the will is the presiding document that a probate court uses to guide the settling of an estate any assets that have designated beneficiaries such as a life insurance policy qualified retirement plan or brokerage account are not included as probate assets and pass directly to the beneficiaries while many people obtain assistance with their wills from a lawyer this is not necessary to make most wills legal and binding 