Writing a will is a key part of the estate planning process and essential for everyone. If you don’t already have one, this handy guide will take you through ten steps to get this important task done.
Why write a will
Writing a will is an important process to ensure that your assets are distributed according to your wishes after you pass away.
If you die intestate – without a valid will – your assets will be distributed according to the laws of intestacy in the jurisdiction or jurisdictions where you hold assets. These laws determine who inherits your estate, and the process varies depending on where you live. In this situation, there is no guarantee that the recipients of your estate will be those of your choosing.
The only way to guarantee who gets what after you die is to write a will.
If you’ve been procrastinating over this job, we urge you to get it done because none of us have a crystal ball to tell us when our time is up. This handy guide will make it a lot easier to do.
Step 1: Take an inventory of your assets
Estates are becoming increasingly complex. Many of us have several pensions, properties in different countries, multiple investments life insurance policies and valuable items. Even our nearest and dearest may not know about all of them.
Keeping an inventory of all your assets will ensure that nothing gets missed when you are gone. Don’t forget to add to your inventory any debts and liabilities as well as digital assets such as online bank accounts and cryptocurrencies.
Don’t forget to make sure your next of kin knows where to find your inventory!
Step 2: Decide on beneficiaries
Once you know what you own, it’s important to identify who will receive your assets. That could be your spouse, your children, other relatives, friends or charities. The more precise you can be over what each beneficiary will receive the better.
Some countries have enforced heirship laws which restrict your choices so you should make yourself aware of the specific laws in the countries where you have assets so you can plan around them if necessary. There are legal ways to do this, such as setting up trusts, but it takes time to put them in place so planning ahead is essential.
Step 3: Appoint an executor
The executor of a will is the appointed person who ties up all the loose ends when you die. They will manage your estate, pay debts, distribute assets, and ensure your wishes are fulfilled.
You are free to choose who you like to do this job (as long as they are over 18) but you need to choose with care as it is a big responsibility.
Even with a straightforward situation and very clear instructions, it can take months for an estate to be wound up. In more complicated scenarios, the role may involve selling property in order for legacies to be honoured, dealing with trusts and even settling disputes. Sadly, with an increasing number of non-nuclear families including stepparents, stepchildren and half-siblings, the possibility of arguments over legacies after a death is ever-present.
The best choice for an executor is someone who is honest and diplomatic with financial know-how and administrative skills. Make sure you ask them if they are ok with taking on the role as they can refuse after your death.
Step 4: Choose guardians for your children (if applicable)
If you have minor children and die intestate, the court will appoint a guardian to care for them if there is no surviving parent or if the other parent is deemed unfit. Without a will, you lose the ability to specify who should raise your children. And no one wants that.
Step 5: Decide on specific bequests
If you want to leave a ring to your favourite niece or a painting to your long-lost cousin, that needs to go in your will. Consider too if you would like to leave part of your estate to your favourite charity and get that down in black and white too.
Step 6: Consider funeral instructions
This is optional but many people feel strongly about their preferences for funeral and burial arrangements. If you want specific songs or poems at your final farewell, it’s best to make that clear, although your wishes may not be legally binding.
It is increasingly common to take out a prepaid funeral plan to ease the family’s burden and this is something you may wish to consider. Some people use life insurance for this.
Expatriates may also want to consider whether they would like their remains repatriated to their home country and plan financially for this eventuality. It will require a specialist repatriation company or international funeral director and of course, there is the cost to consider. Appropriate insurance coverage can help ease the burden on loved ones.
Step 7: Seek assistance with drafting a will
While it’s possible to write a will on your own, consulting a lawyer or using a professional will-writing service will ensure it meets legal standards. Mistakes could render your will null and void and complicate the probate process. Infinity’s will writing service can assist expatriates throughout Asia with this important task and ensure that your will meets legal standards and reflects your true wishes.
Step 8: Sign your will correctly
In most countries, it is essential to sign your will in the presence of two witnesses, and these individuals should not be beneficiaries of the will. A professional will writing service will be able to assist with ensuring that you do everything in the correct way for your will to be valid.
Step 9: Keep your will safe
A will is useless if no-one can find it. Ensure that your will is stored in a safe location such as with a lawyer, or in a safe, and inform your executor and loved ones where it is.
Step 10: Update your will
As your life evolves, you may need to update your will. This is true when big life events happen – in particular, a divorce, a wedding or the birth of a child.
Expats in Asia: do you need help making a will?
You’ve spent many years building a legacy. Protect your loved ones and ensure your assets are distributed according to your wishes by following these steps.
While it may seem daunting, we can accompany you every step of the way and give you specialist advice tailored to your situation. Taking the time to plan now can prevent confusion and conflict later, offering security for those you care about most.
If you’d like to discuss your will, contact us today.
A leading provider of expat financial services and wealth management services across Asia.
