Estate & probate
Will
A will is a signed legal document directing who receives the property you held in your own name at death, and naming the person who will administer it.
Also called last will and testament
A will names beneficiaries, names an executor to carry the instructions out, and can nominate guardians for minor children. It takes effect only at death and can be changed at any time before then, provided you still have the capacity to do so.
It governs one specific category of property: what you owned in your sole name without a beneficiary designation or a joint owner. For many households at retirement that is a smaller share of the balance sheet than they expect, because retirement accounts, life policies and jointly held property all pass by other means.
What it does not do
A will does not control your retirement accounts or your life insurance. Those pass by beneficiary designation, and the designation wins: a form completed decades ago will override a will signed last month. It also does not avoid probate; it is the document probate administers.
This entry is a general explanation, not advice for your situation, and it deliberately avoids thresholds and figures, because those are the part most likely to be out of date. Reviewed August 27, 2026. If a decision turns on any of it, ring the office rather than relying on a page.
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From definition to your situation
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