A last will and testament is a legal document that gives instructions on how to manage an estate. It will include who will receive your property (beneficiary), who is in charge, (personal representative) and who would care for your minor children (guardian). A will does not transfer property or retitle assets after someone passes away, so probate may be necessary before assets can be distributed to the beneficiaries. A trust, by contrast, avoids probate and can be administered without court involvement.