Definition
The legal document directing where your assets go and who cares for minor children. Beneficiary designations on accounts override it, so the two need to agree.
Why it matters
Without a will, state law decides who raises your kids and who gets your assets, on the court's timeline. A basic will is cheap; dying without one is expensive for the people you love.
Example
Parents of two young children write a will naming a guardian and an executor. Their retirement accounts still pass by beneficiary form, so they audit those the same week to make sure the documents agree.
Put it into practice
Related terms
This definition is educational, not financial, legal, or tax advice. U.S. rules and limits change; verify time-sensitive details with official sources. See our disclaimer.