A will could be the most important legal document that you ever sign. Without one, the courts – and not you – decide what happens to your assets. They can even decide what happens to your children. A will is a legally binding document that enables you to direct how your property/estate is to be distributed upon your death. A will is not effective until the death of the maker and can be revoked at any time during your lifetime, or until there is a loss of mental capacity.