What does a will specify in relation to an estate?

A will plays a crucial role in the estate planning process as it explicitly outlines how a person's assets and property should be distributed after their death. This distribution plan generally includes designating specific heirs to receive particular items, specifying how remaining assets will be divided among beneficiaries, and can also include instructions for guardianship of minor children. This clarity helps to ensure that the decedent's wishes are followed and reduces the potential for disputes among heirs regarding the distribution of property.

The other options presented do not pertain to what is typically covered by a will. Property taxation is determined by laws and does not fall under the individual provisions of a will. Appraisals are conducted to determine property value but are unrelated to the directives established in a will. Loan repayment methods deal with financial obligations and arrangements not addressed in a will. Thus, the focus of a will is squarely on the distribution of an estate to heirs, making the identified correct answer the most appropriate in this context.