The will is the foundation of any estate plan. It details who gets what and names guardians for minors (and sometimes adult children with disabilities). If you die “intestate,” without a will, the state will decide these things for you.
Some people also create trusts within their wills for the benefit of their children, and designate an institution and/or a responsible person to serve as trustee. Without a trust, your children would get their inheritance outright once they come of age.
A will and a “special-needs trust” are crucial if you have a child with a disability who is unlikely to be able to support him- or herself in adulthood. If your assets were to pass directly to the child, it could jeopardize his or her eligibility for means-tested government benefits. The trust assets can be used to supplement the child’s basic needs.