In personal finance, the legal document that names people who receive assets after someone dies is called a will.
A will, formally a last will and testament, can state how a person wants certain property distributed and may nominate guardians for minor children, subject to local law. The person making it is the testator. After death, the document may go through probate, a legal process used to validate the will and administer the estate.
A will does not automatically control every asset. Joint ownership, beneficiary designations on insurance and retirement accounts, trusts, and local succession rules can determine where property goes. Requirements for signing and witnessing a valid will differ by jurisdiction. Because estate law is local and circumstances vary, professional legal advice may be appropriate for complex estates.