What is a legal instrument for the voluntary transfer of real and personal property after the owner's death?

A last will and testament serves as a legal instrument that outlines an individual's wishes regarding the distribution of their real and personal property after they pass away. This document allows the testator (the person who creates the will) to specify how their assets should be handled, appoint guardians for dependents, and designate an executor to manage the estate's affairs. By doing so, a last will ensures that the deceased's wishes are respected and facilitates the orderly transfer of property to beneficiaries.

In contrast, a power of attorney is used during the individual's lifetime to designate someone to act on their behalf for financial or healthcare decisions, making it irrelevant after death. A trust agreement can manage assets during an individual’s lifetime and after death but is not specifically a last will and testament. Lastly, a living will pertains to healthcare decisions and does not involve the distribution of property after someone's death. Each of these alternatives serves different legal purposes, emphasizing the distinct role of a last will in the transfer of property following a person's death.