Ah, vacations, almost here! Can't wait, we've got that latest iTunes download, some great party styles, filled the gas tank, lined up the tickets, hotel, beach wear and ready, setty, go.

How many people add to that vacation list the following: my estate plan is in order, the insurance is paid on the house, and I've updated the beneficiaries of my pensions.Well, can you guess? The same percentage of people who don't have a will - around 55 percent in the United States, 60 percent of Canadians, and the same for the Brits. You think we Bermuda residents are more perfect? One only needs to look at the top emailed article/photo in The New York Times yesterday. No, it was not about finance. "Ten Days In a Carry-On - how to pack enough in one travel case for an extended trip" by David Ahntholz for The New York Times.

No matter how often spoilsports like me talk about planning, or your lawyer encourages you to get things in order, the same percentage of people year in and year out, never get around to cleaning up their finances. But, you better believe that vacation will come off like clockwork, right down to the last Margarita.

Attorneys, and other finance professionals who all should know better, are just as bad at procrastination. They don't beat the spread either. Over the years, I cannot tell you how many professionals have told me they had not gotten around to making a will.

Famous people with the best advice in the world famously leave all their salacious details for the courts and the press to gloat over. Famous people who died intestate (without a will) circulates on the web and include Howard Hughes, Martin Luther King Jr., Rocky Marciano, Tupac Shakur, Kurt Cobain, Buddy Holly, Billie Holiday, Abraham Lincoln, the global managing partner of a Big Four accounting firm, even judges. Those who have executed wills may not have been deemed to be as devoted to all of the wives/husbands and children as the heirs felt he/she should be - leaving them all to pick over the bones like carrion birds.

And the excuses: "I am too young, nothing is going to happen to me until I'm old" - from a 50 year-old who developed early Alzeimhers, and was incapable of understanding anything a year later. Imagine trying to care for someone when they are unable to state a coherent sentence, let alone signing a will. "I won't care, I will be dead - live for today." "It is too expensive, those people are just trying to take me for a ride." That same tight fisted group has no problem picking up a Vuitton bag or a Rolex watch.

Hey, I agree, if it is just you, no spouse, no kids, no parents (although I thought most of us needed a couple of parents to get here), not one person that you care about to spend a $1,000 on, this is not for you. If you become rich, then die intestate, gumbymint gets the rest of your money, and you know where that will go - into that sinkhole of debt. If there is only one thing you care about, say your pets or the environment, you could in your will gift your assets to a pet foundation, such as the SPCA, or a Green project. There is always a good charity that can use financial endowments.

What is in a will that is so special and so important? Or is a will as many people say, completely unnecessary, cause there won't be anything left to divvy up. Besides, what do we care who gets what, let them fight it out.

If that attitude prevailed across the board, the estate lawyers would be hurting for work. Families should not leave their affairs unsettled. We are reminded terribly of estate and guardian issues again this week, with only one young child surviving a horrific plane tragedy. Hopefully, there is a family plan in place to assure his future.

A valid will needs certain necessary components.

• You must be of the age of majority

• Be considered of sound mind

• Declare it to be your last will and

• The will must dispose of your property

Generally, A valid will must also be signed by you of your own free will, notarised in some jurisdictions and states, be in writing, and also signed by two witnesses - preferably people who are not named in the will.

There are other items included in wills. But we'll start the next article discussing the concept of sound mind and free will. These very deliberate legal terms take on interesting meanings when we look at classic lawsuits involving wills, beneficiaries, and estate settlements.

Cross border caution - travelers, multinationals, work permit holders, and owners of assets in multiple jurisdictions. Your will in your home country may not be valid in another jurisdiction. Your estate could be tied up years waiting for an official release of assets from states, governments, and taxing authorities.

If you've tied up all your assets overseas, your heirs may have an immediate cash flow problem.

Planners see these situations every week. In unplanned for exits, the estate wreckage is just as devastating for those who have to pick up the pieces.

So the refrain goes on. Make a will.

Martha Harris Myron, CPA, CFP(US) TEP(UK) JP- Bermuda is an international Certified Financial Planner™ practitioner in family office wealth management. She specialises in independent fee-only cross border investment, tax, estate, and strategic retirement planning services for Bermuda residents with cross-border and multi-national connections, internationally mobile people and US citizens living abroad. For more information, contact martha.myron@gmail.com">martha.myron@gmail.com or 296-3528 at Patterson Partners Ltd.