It is a widespread custom to learn Mishnayos as a merit for the soul of a relative, friend, or mentor who has passed away. In general, the Mishnayos study is completed on the shloshim (the thirtieth day after the death) or the yahrtzeit (one-year anniversary of the death) of the deceased. The very word “Mishnah” itself alludes to the great benefit of Mishnayos study for the deceased; the word “Mishnah” and the word “neshamah,” “soul,” are composed of the very same letters. When Mishnayos are studied for the merit of a particular soul, this study helps to shield that neshamah from harm which might otherwise have been decreed upon it.
Ideally, it is the offspring of the deceased—the children and other descendants—who should engage in Torah study to benefit their souls. In fact, the Torah study of a person’s progeny elevates the soul even more than their recital of the Kaddish or leading the synagogue services. However, the family is often unable to complete Mishnayos on their own, for whatever reason. That is where Mishnas Olam comes in.
The idea behind Mishnas Olam is not a new one. Historically, many Torah giants—as well as regular laymen—asked for talmidei chachamim to be paid to learn in their merit after they passed away. Mishnas Olam simply makes that task easier, with a preselected group of talmidei chachamim who are ready and available to serve the many families in need of such zechusim.