1. Consult a professional
Wills are more than legal documents, they protect your legacy. Find a suitably qualified and experienced advisor to guide you through the complexities of drafting your will.
2. Make a list of your assets
Before you meet with your advisor, take a comprehensive inventory of your financial assets, including bank accounts, credit cards, investments, retirement funds, life insurance policies, endowment policies and properties.
3. Liquidity
Ensure there is sufficient cash in your estate to pay for expenses like executor fees, funeral costs, master fees, outstanding loans, bank overdrafts and credit cards. The most effective method is through a life insurance policy.
4. Select guardians and trustees carefully
Naming legal guardians for your children is a crucial part of the will process. Don’t select the same person to be both the legal guardian and the trustee - the person in charge of the child's assets. You don't want to have one person in charge of everything.
5. Be specific about what your wishes are
Write a letter of personal instruction. This may include wishes for funeral arrangements, the location of important documents and account numbers, and a list of items not covered in the will and what you would like done with them.