A Will allows you to state who receives what, and when they receive it, following your death. You can leave specific assets to designated people. You can state that your house is not to be sold until your youngest child has finished school. You can leave jewelry to your daughter, or fishing gear to your son. You can prepare a memo, leaving items of personal property to certain individuals, and incorporate this into your will, as long as the memo is made and dated before the will is signed.