Your Last Will and Testament is the document where you name an Executor to gather all of your assets and to distribute them as you have provided under your Will. But a word of caution: Not all assets will be a part of your estate that is distributed under the Will.
Specifically, if you have named a beneficiary under a legal document such as a beneficiary form for your life insurance, retirement and/or bank accounts, these funds get distributed directly to the named beneficiary and therefore fall outside of your estate.
The Will is also where you name a Guardian to care for your children and a Trustee to handle the monies they inherit. You can have a Trust under the Will that ensures your children’s health, welfare and education are paid for and then decide at what ages you want the balance of their inheritance to be paid.