February 12th, 2021

𝗪𝗵𝗮𝘁 𝗶𝘀 𝗮 𝘄𝗶𝗹𝗹

A will is simply a legal document in which you, the testator, state who will manage your estate after your death. Your estate may consist of large and expensive things, such as a vacation home, but also small items that may have sentimental value, such as photographs. The person named in the will to manage your estate is called the executor because he executes your stated wishes.
A will can also be used to state who you want to become the guardian of the minor or dependent children, and who you want to receive specific items of your property: Aunt Sally gets the silver, Cousin Billy gets the china, etc. Someone designated to receive any of your assets is called a "beneficiary."
Some types of property, including certain insurance policies and retirement accounts, are generally not covered by wills. You should have listed the beneficiaries when you bought the policies or opened the accounts. Check if you can't remember and be sure to keep beneficiaries up to date as what you have on file when you die should determine who receives those assets.