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A last will and testament is a formal legal document wherein a person, known as the testator, outlines their final wishes regarding the distribution of their property and assets after their death. Its primary function is to provide clear instructions on who should receive specific assets, thereby overriding the state’s default succession laws. A will is also the proper legal instrument to appoint an executor to manage the estate and to name legal guardians for any minor children.

When a person dies without a valid will, they are said to have died “intestate.” In this situation, the distribution of their estate is not determined by their personal wishes but by the rigid rules of succession set by law, such as those found in the Civil Code. These laws dictate a specific hierarchy of heirs who are entitled to inherit the property. The court will also appoint an administrator to manage the estate, a role that may not align with whom the deceased would have chosen.

Virtually every adult who owns any amount of property or has minor children should have a will. It is a common misconception that wills are only for the wealthy. A will is the only legal instrument that allows you to control the disposition of your assets, ensuring your property goes to the specific people and organizations you choose. Crucially, it is also the only way to nominate the guardians you want to care for your minor children, rather than leaving such a critical decision to a court.

An executor is the individual or institution (like a bank’s trust department) named in a will to be responsible for carrying out its instructions. Once formally appointed by a court, the executor has a fiduciary duty to the estate and its beneficiaries. Their legal duties include inventorying and securing all of the deceased’s assets, paying final debts and taxes, managing the estate property, and ultimately distributing the remaining assets to the beneficiaries exactly as specified in the will.

The primary difference lies in how they function and their relationship with the court system. A will is a document that takes effect only upon death and must be validated through the public court process known as probate. A living trust is a legal entity created during one’s lifetime that holds title to assets. Because the trust owns the assets, not the individual, property held in a living trust can be transferred to beneficiaries privately and efficiently after death, completely avoiding the probate process.