It's also important to make sure that your will is clearly written: "A bad will can be worse than no will at all," says Hunt. Otherwise, the probate process, where your will is vetted by the courts and your estate is distributed, can take much longer, especially if your provisions are contested. And make sure that you've covered everything. "When there's a death, there's also a lot of problems," says Lawrence Tham, an insurance agent and estate adviser in Singapore. "Your family may not even know where your assets are." By stating your wishes as clearly as possible, you can simplify and speed up the probate process dramatically. Your estate can be little help to your family if most of it goes toward the legal cost of settling it.

Once you're sure your family will be secure, think about protecting your estate. "Bottom line," says Marianne Guerrero, a lawyer in Manila, estate planning should "do as much as possible to minimize your tax costs." Different jurisdictions have different rules: in some cases, tax-free or -reduced trusts, gifts and allowances are appropriate for your children or spouse. Also, consider using your will to set up a trust for your heirs. Since you don't technically own property in a trust, it doesn't pass through probate court; and through its provisions you can specify how your estate is used, for purposes like paying for a child's education. You'll need to hire a lawyer to set one up and designate a trustee to administrate it.

The hardest part about writing a will is the first step. But the peace of mind is worth it; as Hunt says, a will "is probably the most important document that anyone could ever have."

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