More commonly referred to as a “will,” a last will and testament is a legal document that allows a person (called a testator) to:
- designate who will receive certain items of the testator’s property after the testator’s death, and under what conditions;
- appoint a personal representative to administer the testator’s estate;
- appoint a guardian to look after the testator’s minor children after the testator’s death;
- create a custodianship and appoint a custodian to care for property held for the benefit of a minor; and
- create a trust for any of a variety of purposes, such as placing restrictions on gifts or planning for estate taxes.
A will is a common part of an estate plan.