What is the correct term for a legal document that specifies how assets should be distributed after death?

The term for a legal document that specifies how assets should be distributed after death is a will. A will is a formal document that outlines an individual's wishes regarding the distribution of their property and the care of any minor children after their death. It allows the testator (the person who creates the will) to designate beneficiaries who will receive specific assets, as well as appoint an executor to manage the estate and ensure that the terms of the will are carried out according to their wishes.

This is distinct from other legal documents addressed in the choices. A living will is concerned with medical decisions and does not address asset distribution. A trust document can manage assets during a person's lifetime and often after death but is not the same as a will in terms of directing asset distribution upon death. A power of attorney is a document that grants someone the authority to act on another person's behalf, particularly in financial or legal matters while they are alive, and it does not pertain to the distribution of assets after death.