What a will does not cover

A common situation: someone makes a careful will, leaving everything equally to their two children. Years later, after they die, the family discovers that a large retirement account went to a former partner, because the beneficiary form was never updated. The family home passed directly to a co-owner. And nobody can access the photographs, emails and online accounts that mattered most to the children. The will was valid. It simply did not reach the things that mattered.

A will is one of the most important documents a person can make. But it is often assumed to cover everything, and it usually does not. Knowing its limits helps you fill the gaps.

Assets that may pass outside your will

In many places, certain assets do not follow the instructions in a will at all. Whether this applies depends on the type of asset, how it is held and the local rules.

• Accounts and policies with a named beneficiary, such as some life insurance policies, pensions and retirement accounts. These often pass to the person named on the form, whatever the will says.
• Property owned jointly in certain ways. Depending on how ownership is recorded, a co-owner may become the sole owner automatically.
• Assets held in a trust, which are dealt with under the terms of the trust rather than the will.
• Some bank accounts set up to pass directly to a named person on death, where the local system allows this.

The practical lesson is to review beneficiary forms and how your property is owned at the same time as your will, so that they tell the same story.

A will is only one part of the picture. Beneficiary forms and the way property is owned can quietly override it.

Decisions while you are alive

A will takes effect only after death. It does nothing if you are alive but unable to manage your own affairs because of illness or injury. For that, people usually need a power of attorney or a similar document, and sometimes a separate document recording their wishes about medical treatment, often called a living will or advance directive. What is available, and what it is called, varies by place.

Children and guardianship

If you have young children, a will is often the place to say who you would like to look after them if both parents die. In many places, a court or authority still has the final decision, but your stated wishes usually carry weight. Without them, the decision may be left to people who never knew what you would have wanted. It is also worth thinking about how any money left to children will be managed until they are old enough to handle it.

Digital life

Email, photographs, social media, cloud storage, online banking and subscriptions are now a large part of most people's lives. Access to these accounts is often governed by the provider's terms and by privacy rules, not just by your will. Some services let you name someone to manage or receive your account. Others do not.

• Keep a secure, up-to-date record of which accounts exist, without writing passwords into the will itself.
• Use any legacy or inactive-account settings the provider offers.
• Say in writing what you would like to happen to photographs, writing and other personal material.

Business interests

If you own part of a business, what happens to your share may be controlled by the business's own agreements, such as a partnership or shareholders' agreement. Those agreements may require your share to be offered to the other owners, whatever your will says. Read them together.

Property in more than one country

If you own property abroad, the law of that country may govern what happens to it, including who inherits and what formalities apply. A will made at home may or may not be recognised there. People with property in more than one country sometimes need advice in each place, and occasionally more than one will.

Wishes that are not legal instructions

Funeral preferences, letters to family and personal messages are valuable, but the will is often not the best place for them. A will may not be read until after the funeral. A separate letter of wishes, kept somewhere your family knows about, is often more practical.

Keeping it current

Marriage, divorce, a new child, a death in the family, a move abroad or a large change in your assets can all affect whether your will still works as intended. In some places, marriage or divorce can change the effect of an existing will. A review after any major life event is a sensible habit.

A starting point

If you do not yet have a will, ArieFirm's ready-to-use last will and testament walks you through the main decisions with guided questions. Signing and witnessing requirements vary by place, so check what applies where you live. If you have property abroad, a business or a blended family, a lawyer can help make sure your will and your other arrangements work together.