What is a will?

A will is defined as a legal document that takes effect after the maker's death and governs the disposition of their property. This means that it outlines how the individual's assets, such as real estate, personal belongings, and financial accounts, are to be distributed among beneficiaries selected by the deceased. The will serves as a crucial instrument in estate planning as it ensures that the tester's wishes are carried out regarding who receives what after they pass away.

In New Jersey, as in many jurisdictions, a will often requires particular formalities, such as being signed by the testator and witnessed, to ensure its validity and enforceability. Understanding the role of a will is fundamental for those involved in estate planning and real estate transactions, as it directly influences title issues and the transfer of ownership upon death.

The other options do not accurately describe a will. For instance, a trust is a legal arrangement for managing property during and after a person's lifetime but is distinct from a will. An association for title insurance policies is unrelated to the concept of a will, and a summary of property ownership transfers pertains more to recording or documentation than to the specific legal instructions provided in a will.