Will is a document that can assist in this process. It allows a person to direct how their estate should be handled and how assets should be distributed after death. A Will can have a lasting impact on family and loved ones and its contents should be carefully thought out and reviewed regularly.

Anyone can make a Will, provided that they have the requisite mental capacity to do so and are over 18. Generally a Will must be in writing and signed by the person making the Will in the presence of two witnesses.

However there are no formalities required for the disposition of the personal estate of any member of her Majesty's Forces whilst in actual naval, military or air force service, or any mariner or seaman at sea by way of a "privileged Will".

If you have not yet prepared a Will, now is the time to start, for there are many benefits to having one. If you die without a Will, the law of intestacy will determine who receives your assets and in what proportions.

This may have some rather unexpected results. For instance if you die survived by a spouse and children, your spouse will be entitled to the contents of the house, your boat and car and no more than half of your residuary estate or $100,000. The remainder of your estate passes to your children.

One of the first decisions when preparing your Will, is selecting the persons who will be responsible for ensuring that your assets are dealt with in the way that you dictate in your Will. These persons are called executors and if you create a trust in your Will (for say your young children) they may also be appointed as the trustees.

The executors are responsible for collecting in your assets, paying off any debts, applying for probate from the Court and distributing your estate in accordance with the directions laid out in your Will.

This is an important task which warrants the appointment of competent, professional persons or companies. When making gifts in your Will, be focused and realistic about your assets and take advice to ensure that you have properly provided not only for the people that you want to benefit, but also for those who by law you cannot ignore. They include your spouse, in some cases former spouse, children and grandchildren.

Think about what their needs will be if you die tomorrow and decide how you can ensure that they will be able to support themselves. Remember, if you do not make proper provision for your dependents in your Will, not only will they be left in terrible circumstances, but they might sue your executors to have the terms of your Will varied so that they receive more from your estate.

It is generally recommended to draw up a list of your assets, along with a list of your priorities in relation to the persons you want to benefit, when preparing your Will. When compiling these lists, remember that jointly owned property, insurance policies and pension benefits will not necessarily pass to your executors and cannot be used by them to fulfil your wishes as set out in your Will.

Once you have prepared and executed your Will, store it in a safe place but do not forget about it. Tell executors, trustees and guardians, that they have been chosen and make sure they are happy with these appointments. Inform your loved ones and executors of the location of your Will and other important documents. It is also good practice to keep an up to date list of where your assets are located, together with details of financial, legal and bank contacts, to enable your family and executors to assess your assets accurately and ensure a smooth and timely transfer to your beneficiaries.

A Will can be drawn up using the guidance of printed kits, books or software programs. However writing your own Will can result in your wishes being misunderstood because there are legal rules that determine how a Will must be interpreted. It is therefore always advisable to seek the assistance of a lawyer who specialises in drawing Wills to complete the process and to ensure that there are no mistakes, loopholes or ambiguities.

As you can see, it is not only important to have a Will, but to review it on a regular basis to ensure that when the time comes, your final wishes are met. You should consider, in particular, changes in your personal circumstances such as births, deaths, marriage, divorce, life time gifts, changes in nationality, domicile or governmental policies. Remember, your Will is a statement of many personal things and should not be made and then just left. Your affairs may be in a constant state of change and it is always sensible to review your Will at least annually to see if it is still appropriate.

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Attorney Vanessa Lovell is a member of the Trusts and Financial Structures Department of Appleby Spurling & Kempe. Copies of Ms. Lovell's columns can be obtained on the Appleby Spurling and Kempe website at www.ask.bm. This column should not be used as a substitute for professional legal advice. Before proceeding with any matters discussed here, persons are advised to consult with a lawyer.