Which of the following best describes a will?

A will is indeed a legal document that specifies how an individual's assets will be distributed after their death. This document details the wishes of the deceased regarding the handling of their estate, which can include property, money, and personal belongings. By outlining these preferences, a will provides clarity and helps to ensure that the assets are distributed according to the individual's intentions, which can help prevent disputes among surviving family members and beneficiaries.

In contrast, other options present different financial tools or concepts. For example, a financial plan for retirement savings focuses on accumulating and managing funds during one’s lifetime to ensure financial security in retirement, rather than the distribution of assets after death. Similarly, a trust is designed to manage and protect assets during an individual’s lifetime and can have specific functions related to asset management and protection, but it does not replace a will for distributing assets after death. Lastly, a contract for investment management services involves the management of investments by a financial advisor or firm, which is unrelated to the posthumous distribution of assets as described in a will. Therefore, the definition that aligns with the concept of a will is the one that specifies how assets are handled after an individual's passing.