A will is a legal document, drafted and executed in accordance with state law, which becomes irrevocable at your death. In your will, you can name:

YOUR BENEFICIARIES: These are family members, friends, or charitable organizations who will receive your assets as you direct. You may provide for specific gifts of such items as jewelry or a specific sum of money to named beneficiaries. You should also provide for the distribution of the "residue" of your estate -- that is, your remaining assets (which do not need to be specified) which are not specifically given to individuals or organizations in your will.

A GUARDIAN FOR YOUR MINOR CHILDREN: You may nominate a person who will have the responsibility to care for a child of yours if you and your spouse die before the child attains 18 years of age. You may also name a guardian -- who may or may not be the same person -- to be responsible for management of assets given to a minor child, until the child attains 18 years of age.

AN EXECUTOR: This person or institution of your choice, named in your will and appointed by the probate court, collects and manages your assets, pays your debts and expenses and any taxes that might be due, and then, in a manner approved by the court, distributes your assets to your beneficiaries in accordance with the provisions of your will. Your executor plays a very important role with significant responsibilities. It can be a time-consuming job. You should choose your executor carefully. A will is a part of your "estate plan."