The Bogleheads' Guide to Investing

You should have a will, even if you have a trust. If you have minor children, here’s where you’d name the person you want to designate as the children’s legal guardian in the event that both you and your spouse are deceased. Your will also instructs your executor how you want your assets distributed. It takes care of the distribution of any assets individually owned by you that are not included in a trust or distributed by title, such as payable on death (POD) or transfer on death (TOD), or by beneficiary designation.