A will is more than a document that transfers assets on death.

It is the opportunity for you to express your intentions with respect to your family and how your personal affairs should be handled after your death. A will can have a lasting impact on family and loved ones and its contents should be carefully thought out and reviewed regularly.

If you die without a will, the law of intestacy will determine who receives your assets and in what proportions, other than those assets owned jointly.

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, whichever is greater. The remainder of your estate passes to your children.

Do-it-yourself Will kits are available, however, writing your own will can result in your wishes being misunderstood because there are legal rules which determine how it must be interpreted.

It is therefore always advisable to seek the assistance of a lawyer who specialises in preparing wills. Careful consideration needs to be given to the form and content of your will before proceeding and a lawyer can offer guidance with respect to your situation and objectives.

One of your first decisions is the selection of who will be responsible for ensuring that your assets are dealt with in the way that you dictate. 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 applying for probate from the court, collecting in your assets, paying off any debts, and distributing your estate in accordance with your directions. This is an important task that warrants the appointment of competent, professional persons or companies.

When making gifts, 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 (for example, your 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 dependants, not only will they be left in terrible circumstances, but also they might sue your executors to have the terms of your will varied.

Draw up a list of your assets, along with a list of your priorities in relation to the persons you want to benefit. When compiling these lists, remember that a fund for taxes and other expenses such as the funeral, and travel for key family members, needs to be considered.

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.

When calculating taxes remember that you may not only be liable for tax in Bermuda. Other countries may impose tax either on you, or your assets, if you are in some way connected to those countries by citizenship, residency, or by having assets there. Overseas tax advice should be obtained where any of these factors are an issue.

Your will only takes effect on your death and can be modified by you at any time, simply by preparing a new one. Alternatively, if the changes are few, your will can be amended by including your new wishes in a document known as a "codicil'', which then forms part of the will and is read together with it.

Many people are unaware that marriage revokes a will. Fortunately this can be avoided if it is specifically made in contemplation of a particular marriage and your fiance is named.

Your will is not revoked by a divorce, but after you receive your final divorce decree your will is automatically interpreted so that any gifts left to a former spouse and any appointment of your former spouse as executor or trustee, are ignored.

Once you have prepared and executed your will, store it in a safe place but do not forget about it. Your affairs may be in a constant state of change and it is always sensible to review the document to take account of new circumstances and 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, and changes in nationality, domicile or governmental policies. For that reason, you should review your will at least annually to ensure that its terms remain appropriate.

*** Attorney Vanessa Lovell is a member of the Trusts and Estates Department of Appleby Spurling & Kempe. Copies of Ms Lovell's columns can be obtained on the Appleby Spurling & 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.

LAWYERS LEG