What does a Will specify regarding a person's assets?

A Will serves as a legal document that outlines the distribution of a person's assets after their death. The primary purpose of a Will is to provide clear instructions on how the individual's properties, financial accounts, and other assets are to be allocated among heirs or beneficiaries. This ensures that the deceased's wishes are honored and helps to minimize potential disputes among family members or interested parties regarding who receives what.

In contrast, while the other options may touch on related aspects of asset management or distribution, they do not represent the core function of a Will. Identifying specific beneficiaries or preferences is secondary to the main directive of distributing assets according to the deceased's wishes. Governance of business affairs typically falls under different legal documents such as powers of attorney or trusts. Investment strategies set forth after death are also not within the purview of a Will, as those would be handled through different financial planning instruments. Therefore, the primary role of a Will is to clearly specify how assets should be distributed according to the wishes of the individual.