What is a will primarily used for?

A will is primarily used as a legal document that outlines how a person's assets, including real estate, will be distributed after their death. It serves to ensure that the individual's wishes regarding their property, financial interests, and other personal matters are carried out according to their directives. This includes specifying beneficiaries who will receive particular assets, making it an essential tool for estate planning.

By design, a will comes into effect only after the testator (the person who created the will) passes away, thus playing a critical role in the orderly transition of property ownership from the deceased to their beneficiaries. It allows individuals to dictate explicitly how their belongings should be handled, which can include distributing real estate, bank accounts, personal items, and investments.

In contrast, other options do not align with the primary purpose of a will. For instance, declaring bankruptcy is a process for individuals or businesses that cannot meet their financial obligations, unrelated to the distribution of assets after death. Assigning a power of attorney is the act of granting someone else the authority to make decisions on another's behalf, often during incapacitation, rather than concerning asset distribution posthumously. A binding contract for a real estate sale pertains to the agreement of sale during an owner's lifetime and does not address the transfer