Having a will is a good idea, but it might not cover all the bases you think.

As we go about our daily lives, a will is probably one of the last things on our minds.

When you draw up your will, there's more to it than who gets what.

Diane Chong from Central Pacific Bank says, "When you establish a will, you're picking an executor which would be the person that you want to handle your estate after you pass away. And also, if you have minor children, you would be naming the person to take care of those minor children as the guardian."

Picking an executor can be tricky. The tendency might be to choose a family member.

"Sometimes peoples feelings get hurt because one brother was named as an executor versus another brother. But it's really a personal decision."

So you might think about an outside neutral party. A will covers those assets that are in your name only.

"Okay, I want that piece of jewelry to go to this brother. And if you have an art collection, that can go to my sister - so we're talking about these assets that are non-registered."

That, we mean non-financial instruments. Anything owned jointly, with another name on it or a designated beneficiary, goes to that survivor.

"If you have an IRA or if you have a life insurance policy where you have named beneficiaries, it's going to go to those named beneficiaries. That's going to suprercede what your will says."

We've all heard stories about someone writing their last will and testament on the back of an envelope or cocktail napkin.

"That might work. but it's always better to have a will drawn up by an attorney, witnessed and notarized. That way you have a lesser chance of it being challenged in court."