What is a "will" in legal terms?

A "will" is a legally recognized document that outlines a person's wishes regarding the distribution of their assets and property after their death. It serves as a means for individuals to dictate how their possessions, finances, and potentially guardianship of dependents are to be handled, ensuring that their desires are honored and legally enforceable. By creating a will, the individual can appoint an executor who will manage the estate and ensure that the terms stated within the document are executed appropriately.

The other options presented do not capture the legal essence of a will. A verbal agreement lacks formal legal standing and verification, making it inadequate when dealing with the distribution of property after death. A chart of property values does not pertain to individual distribution desires and serves a different purpose related to asset management rather than the expression of personal wishes posthumously. Guidelines for funeral arrangements similarly do not fall under the definition of a will; they may be part of end-of-life planning but do not encompass the distribution of an estate's assets.