Terminology: Wills

A Will (also called a "Last Will and Testament") is a document that determines how your property is to be distributed upon your death. A Will can also be used to nominate guardians for your minor or disabled children if you and your spouse die before your children all reach adulthood. Without nominating guardians for your minor or disabled children, a judge will be the one to determine who is best fit to be appointed guardian over your children.  Additionally, a Will is the document wherein you name a personal representative (or executor) to wrap-up and manage your personal and financial affairs upon your death.

A Will has no effect until you are dead, thus it can be changed as often as you wish before you die. You may also revoke your Will at any time during your life. A Will must be executed (signed and witnessed) according to specific legal requirements in order to withstand attack from those who stand to benefit (e.g, family members who want a "greater slice of the pie") if the Will is ultimately found to be invalid by a court. A will must also be carefully drafted to avoid contradictions and ambiguous language that could potentially invalidate the will in whole or in part, thus creating unintended consequences.

Everybody should have a Will - even those who have Living Trusts (not to be confused with "Living Wills"  which are legal documents with a purpose completely different than either a Living Trust or a Will).  If you have a Living Trust, but have failed to transfer assets to the trust before your death, a Will can do so upon your death so that the trust will govern the disposition of your estate as you intended.