What role does a will serve in estate planning?

A will is a fundamental document in estate planning that outlines how a person's assets will be distributed after their death. It serves as a legal declaration of the deceased individual's wishes regarding who should receive specific assets, such as property, cash, and personal belongings, ensuring that their estate is managed and distributed according to their desires.

By having a will in place, individuals can avoid potential conflicts among heirs and provide clarity regarding their intentions, which can support a smoother transition during the probate process. This legal tool is essential for the orderly transfer of property and ensures that the deceased's wishes are honored, which can provide peace of mind for both the individual and their beneficiaries.

The other options do not accurately reflect the primary function of a will in estate planning. Transforming debts into assets does not align with the purpose of a will, as debts typically must be settled from the estate before any distribution can occur. While a will can outline wishes regarding real estate, it does not directly control real estate transactions; that would often involve contracts or real estate processes beyond a will's scope. Establishing a financial trust is a function related to trusts and estate planning but is separate from what a will accomplishes, as a will primarily addresses the distribution of assets, not the formation of