What is the primary purpose of a legal will?

The primary purpose of a legal will is to declare wishes for property distribution and guardianship. A will serves as a legally binding document that outlines how an individual’s assets and properties should be handled after their death. This includes specifying who will receive various assets, how debts should be settled, and, importantly, appointing guardians for any minor children. This ensures that an individual’s personal wishes are respected and can significantly ease the process for loved ones during an already difficult time.

While other options may involve aspects of planning or managing one’s financial life, they do not directly relate to the primary function of a will. Retirement plans, for instance, pertain to income management during an individual's lifetime and do not dictate post-mortem asset distribution. Similarly, managing life insurance policies or outlining financial goals primarily deals with current and future financial strategies, and not with the distribution of one's estate after death.