What is the primary purpose of a will?

The primary purpose of a will is to guide the distribution of a person's assets after death. A will serves as a legal document that outlines how an individual wishes their estate—which can include property, money, and personal belongings— to be managed and distributed amongst heirs and beneficiaries. By clearly specifying their intentions, a person can ensure that their wishes are honored and that their loved ones are taken care of according to their preferences.

In the context of estate planning, a will is foundational because it helps avoid potential disputes among family members and beneficiaries regarding asset distribution. It provides clarity and legal authority regarding the deceased person's wishes, which is particularly important during the emotional time following someone's passing. Establishing how assets will be allocated can also help prevent undue delays in the inheritance process.

The other options relate to different legal concepts that do not align with the primary function of a will. Declaring bankruptcy involves financial status and obligations, establishing corporate governance pertains to the management of corporations, and creating a trust fund is a separate legal instrument that manages assets for the benefit of specific individuals or conditions, often used in conjunction with a will but serving distinct purposes.