What is the purpose of a will in estate planning?

• A. To specify how assets should be distributed after death but does not appoint executors.
• B. To provide tax guidance for all assets during life.
• C. To assign probabilities for investment returns.
• D. To specify how assets should be distributed after death and to appoint executors and guardians, if applicable.

Answer: (D)

A will is the legal document that directs how assets are distributed after death and allows you to name the people who will carry out those instructions. It also lets you appoint an executor (the person responsible for administering the estate) and, if you have minor children, guardians to care for them. This combination—telling who gets what and who handles the estate and guardianship—is what the will accomplishes. The other options describe functions that aren’t part of a will: tax guidance for assets during life and probabilities for investment returns, which are separate planning concerns.