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How to write a WILL? It's a question with no straight answer.

However, before writing a WILL, you may wish to consider 9 important considerations:

PART 1: 9 Key Considerations when Writing a WILL

1. List your Assets
  • Do not rush when writing a Will. Write a list of all your assets including houses, land, shares, bonds, vehicles, jewellery, bank accounts, retirement account, investment account, antiques and anything of value, as part of your prudent estate planning or retirement planning.
  • Appraise the value of all your assets, so you have an ideal of your net worth. This is important in country that has inheritance tax or estate duty/estate tax.

2. Is there any Inheritance Tax or Estate tax in your country of residence?
  • In many countries, inheritance tax or estate tax is payable upon death of a person. The tax rate varies from country to country and can affect the way assets are allocated when you write a will.
  • If your country of residence has such estate tax, it is important for you to check the initial amount that is not taxable or tax exempt, and the tax rate thereafter and other conditions, if any.
  • Calculate the estate tax payable based on your estimated appraisal of your financial assets.
  • Remember to make provision in the form of liquid cash for this estate tax to be paid from your estate when writing a will.
  • Consult your financial advisor if you wish to know how to reduce your estate tax (please visit "Know the jargons before writing your WILL" for explanation between inheritance Tax and estate tax).

3. List Your Beneficiaries
    These are people who would benefit from your assets. Usually, they are family, relatives and/or friends, but it may include charity organization and others.

4. Decide on the Asset Allocations to the Beneficiaries
  • This is the part where you determine who gets what.
  • You may specify the portion to each beneficiary as a percentage of your asset worth. It may not be ideal to specify a specific dollar value as the value of your assets may change over time.
  • For individual items, such as jewellery, vehicles, antiques, etc, provide a detail description and specify the beneficiary for each item.
  • To prevent misunderstanding, unhappiness or uneasy feeling among the beneficiaries, you are encouraged to specific the reasons for your decisions or allocations.

write will, writing a will, writing will, write a will, will writing PART 2: 9 Key Considerations when Writing a WILL? >>

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Please note that the information provided in this site is for general public education and does not in anyway aims to provide any legal advice or a complete legal definition. Please consult your legal advisor for detailed definition and advice. If you find any errors of definition, law or fact, please inform and correct us. We also welcome any suggestions for new subjects or information that you think may help other readers.

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