What is an important document that outlines how a person's assets should be distributed after death?

A will is a vital legal document that dictates how a person’s assets and property are to be distributed after their death. It serves as a formal declaration of the individual's wishes and ensures that their estate is settled according to their specific instructions. The will typically includes details about who will inherit particular assets, names of the beneficiaries, and may designate an executor to oversee the administration of the estate.

In contrast to a will, a trust document is generally focused on managing assets during a person's lifetime or establishing a mechanism for asset distribution that may not necessarily take effect until after death. A power of attorney grants someone the authority to act on behalf of another in financial or legal matters while they are still alive but does not pertain to the distribution of assets after death. A living will, also known as an advance directive, primarily addresses healthcare and medical decisions rather than asset distribution. Thus, the will stands out as the appropriate instrument for outlining the distribution of a person's estate following their passing.