A Will is one of the most crucial documents an individual should have. Without a will, a court will decide who will manage your assets, who will receive your property and who will take care of any children who are minors, upon your death. A Will allows you to appoint a guardian for minor children and someone to take care of the money and property until they are 18 years or older.
Wills can be very simple documents or very complex. Wills are often referred to as Last Wills or Last Wills and Testaments.
With a will in place, an estate must still go through the process of probate. Because probate can be costly and take more time, many estates use a trust for planning.