What a will actually does
A will is your written instruction for what happens to your assets and responsibilities after death. It can:
- Appoint an executor to manage the estate.
- Distribute assets to beneficiaries.
- Nominate guardians for minor children.
- Provide funeral wishes (optional, but helpful).
Without a valid will, intestacy rules decide who gets what, which might not reflect your wishes and can delay the process.
The core decisions
- Executor: a trusted, organised person (and a backup).
- Beneficiaries: who inherits and in what shares.
- Guardianship: who cares for your children if relevant.
- Specific gifts & digital assets: heirlooms, accounts, domains.
- Residual estate: who gets “the rest” after specific gifts.
Validity basics
While formalities vary by jurisdiction, common requirements include:
- Being of sound mind and over the required age.
- Written and signed by you.
- Witnessed properly (witnesses shouldn’t be beneficiaries).
Errors here can invalidate the will — get the formalities right.
Keeping your will current
Review your will when life changes: marriage, divorce, new children, buying/selling property, moving countries, or starting a business. Consider coordinating beneficiary designations on policies and retirement accounts with the will to avoid conflicts.
Executors: what they actually do
- Locate the will and apply for authority where required.
- Identify assets and liabilities.
- Pay debts and taxes.
- Distribute the estate and keep records for beneficiaries.
