Will
A legal document directing how your assets are distributed and who cares for minor children after your death.
A will is the foundational estate-planning document. It names who inherits your assets, appoints an executor to carry out your wishes, and — critically for parents — names a guardian for minor children. Without one, state intestacy law decides these things, often not as you would have.
A will doesn't cover everything: assets with beneficiary designations (retirement accounts, life insurance) and jointly held property pass outside the will, which is why keeping beneficiaries current matters as much as the will itself. Wills also generally go through probate, a court process that trusts can help avoid.
This definition is general information to help you understand a term, not financial, tax, or legal advice. Figures that change year to year (limits, thresholds, rates) should be confirmed against current official sources. For guidance on your situation, a licensed fee-only fiduciary is the right next step.