Will

What Is a Will?

A will is a legal document that sets out how a person, known as the testator, wants their estate handled after they die. It typically names who receives specific property, appoints an executor to manage the process, and can name a guardian for any minor children. A will generally takes effect only at death, and the person who made it can change or revoke it while they are alive and of sound mind.

How a Will Works

After a death, the will is usually submitted to a court in a process called probate. The court confirms that the document is valid. The executor then gathers the deceased person's assets, pays debts and taxes, and distributes what remains to the beneficiary named in the will.

Not every asset passes through a will. Property held in a trust, accounts with a named beneficiary such as some retirement accounts and life insurance policies, and property jointly owned with rights of survivorship generally transfer directly to the named person or co-owner. Those assets follow their own contracts or ownership arrangements instead.

Why Wills Matter

If someone dies without a valid will, their property is distributed under rules set by the government, a process known as intestate succession. Those rules may not match the person's wishes. A will lets the person decide who inherits, who cares for dependent children, and who manages the estate.

Requirements for a valid will vary by jurisdiction. Many places require the document to be signed in the presence of witnesses, and rules on handwritten or electronic wills differ widely. Because the rules are local, a will is usually reviewed against the law where the person lives.