a last will and testament is a legal document outlining your wishes for how your property and affairs are handled when you pass away and how you wish your funeral to be conducted. if you die without a will — known as dying intestate — your state’s laws define who your property goes to and who cares for your children. you need a last will if you want to choose what happens to your property and loved ones after you pass away. beneficiaries are people and organizations from who you want to receive your assets.