When most people think of estate planning, they typically think of a last will and testament, also known simply as a “will”. A will distributes property, designates a guardian for minor children and sometimes also directs a trust to be established and designates a trustee. A will cannot designate beneficiaries for life insurance or investment assets. A will can be anywhere from a couple pages long to many pages long depending on the level of detail a testator desires and depending on the complexity of the property and beneficiaries.