Planning for the organisation of your affairs on death will involve many factors, some more obvious than others. Certainly, a well drafted Will prepared with the assistance of a professional advisor is a prudent way to organise the transfer of assets from one generation to another.

Equally as important, you should review your assets and legal obligations to dependants on a regular basis. However, there are other important considerations to be made in designing an effective estate plan.

Carefully managing the expectations of all potential beneficiaries by communicating openly with them can prevent considerable pain and disappointment.

When possible, discuss succession planning with trusted family members or close friends, business partners, attorneys and guardians, together with your executors and trustees of intervivos trusts.

This may only be to inform them of your legal or financial advisor's contact details should anything happen to you. These individuals in turn should have a full record of where you keep your important papers, such as your Will, Enduring Power of Attorney, Health Care Directive, property deeds, life insurance policies and other such documents.

Where estates or property are concerned, consider the needs of your dependants and loved ones versus your responsibilities (if any) to maintain them.

In some cases, large properties can be difficult to split and it may be more sensible to give one asset to one child and a different asset of similar value to another child in order to avoid the complications of joint ownership.

Life insurance might be used to supplement any shortfall in the distributions. Where you have concerns that exposing a child to significant wealth at a young age may 'spoil' them, consider protecting assets in a trust structure established during your lifetime or on your death.

The trust can provide for a controlled distribution of income and capital over a number of years, rather than in one lump sum.

An important decision concerns who will be a suitable guardian or guardians for your minor children. Choose these individuals carefully and advise them of your wishes regarding the maintenance, care and upbringing of your children.

Where there is a second or third marriage, consideration should be given to stamp duty and other legal obligations. This is important as it may be desirous to have assets pass through, for example, a second wife to the children of a first marriage.

In addition, you may have certain legal obligations to your spouse or former spouse on death. In some instances dependent children, grandchildren, or spouses may have grounds to legally challenge an estate where the testator has not made proper provision for them.

With a family-run business, it is wise to think about management succession as well as ownership succession. Do not presume that your spouse or eldest son, for example, is the natural successor.

When planning for succession, consider instead the person or persons with the ability to best manage the business going forward.

Again, communicate where possible with that individual or individuals and, where necessary, with your other potential heirs. Consider whether it would be better to have the business sold, perhaps to a business partner, upon death, in the event that your children do not possess the skill or desire to run the business.

An agreement with a business partner whereby a purchase of the business will occur at fair market value upon death could be an ideal resolution, providing money to your family and the business to the surviving business partner.

If you wish specific personal items such as jewellery or family photos to be left to a particular beneficiary, be sure to set it out in your Will.

Alternatively, discuss with your legal advisor the option of preparing a list or memorandum of wishes regarding the distribution of your personal belongings to beneficiaries.

Such a list or memorandum should be referenced in your Will and placed with your Will. This list can be easily altered as circumstances and wishes change, without the need and expense of rewriting your Will.

There are also other less financially onerous considerations to a succession plan. Consider, for example, who will provide a home and care for your pets on your death and how this will be financed. If necessary, include specific provision in your Will to cover the transfer, care and maintenance of your pets.

Gifts to churches, charities and educational or other institutions should also be considered. In most cases, subject to the approval of the Minister of Finance, gifts to charitable and other such organisations are exempt from stamp duty on death.

And don't forget your body. If you plan to be buried in the family grave, ensure that your loved ones know in advance and that the plot is maintained and financed.

Alternatively, if cremation is preferred, this desire should be expressed in your Will and shared with loved ones in the event that your first named executors predecease you or are unaware of such wishes.

Similarly, specific funeral arrangements should be communicated during your lifetime or included in your Will to be read and followed on your death.

As you can see, whilst it is important to prepare and update your Will on a regular basis, there are many other factors to consider in order to craft a proper succession plan.