A will is a legal document drawn up and signed under state law. A will is a part of your "estate plan." Upon passing away, the will becomes irrevocable, or in other words: final. In your will, you are able to name:
Beneficiaries. Family, friends, domestic partner or a charitable organization that receive the goods you indicate. You can assign specific gifts, such as: jewelry or a particular amount of money to beneficiaries. You should also indicate the residue of your estate and its remaining assets (do not forget to specify them) that are not specifically awarded to people or organizations in your will.
Guardians for your minor children. You can name in your will a person who will be responsible to care for your child(ren) if you and your spouse die before the child reaches 18 years of age. You can also name a guardian - who may or may not be the same person - to take charge of managing the assets inherited by a minor child(ren) until he/she is 18 years old.
Executor. The person or institution you choose and appointed by the probate court, will collect and manage your assets, pay your debts, expenses and taxes. Then, after approved by the court, the executor will distribute your assets to your beneficiaries according to the provisions of their will. Your executor will play an important role with significant responsibilities. You should carefully choose an executor.