Will

A will lets people decide who inherits their assets, rather than leaving the decision to default legal rules. It usually names one or more executors, who are responsible for collecting the assets, paying any debts and taxes, and distributing what remains as instructed.

A will can also name guardians for children under adult age, leave specific gifts such as a house or a sum of money to particular people, and give money to charities.

For example, a will might leave the family home to a spouse, 20,000 to each of two nieces and the remainder of the estate to the person's children in equal shares.

If someone dies without a valid will, which is called dying intestate, the law decides how their estate is shared, usually giving priority to spouses and close relatives. The result may differ from what the person would have wanted.

The rules for making a valid will, such as signatures and witnesses, vary by country. Wills should be reviewed after major life events, such as marriage, divorce or the birth of children.