What to include in your will

The contents of your will must be tailored to your particular circumstances. Take into account:

• your current family situation
• your marital status
• your family's needs
• the value of your estate
• the type of assets in your estate
• what you have in mind for your estate

You may also want to:

• make sure you have enough liquidity to pay off outstanding debts and any estate taxes
• determine who will take care of minor children
• do your best to avoid family squabbling

Upon your death, family members will be grateful to you for being proactive and making sure no detail was left out during estate planning.

Changing or replacing a will

Wills can be revoked at any time. There are 2 ways to go about it:

• You can change your existing will by adding clauses or replacing them by means of another testamentary document called a "codicil". To be valid, the change must satisfy the same requirements or conditions as the will. It is filed along with the will.
• Draw up a new will. The new will should contain a clause declaring that the previous will is revoked.

You should revise your will anytime your personal situation changes, such as when you buy a home, have a child, or come into a substantial or unexpected sum of money.

If you have assets outside the country, it's in your best interest to write a second will that disposes of these assets only.