A Will

Write or update your will. About 70% of all Americans don’t have a will. For many people, that means leaving some red tape and headaches for their loved ones when they die. For parents, it can mean leaving chaos or even disaster for the children they worked so hard to care for and protect.

If you die without a will, the courts will decide how your assets are divided. There are two problems with this. The first is that the courts may not make the same decisions you would. The other is that the courts will take their time to make the decisions, time when your family won’t be able to access the money they need.

Writing a will is not difficult or expensive. A simple will should not cost more than $200. Most people don’t write wills because thinking about death is unpleasant. No one is planning on dying soon, but the fact is that we just don’t know. With luck, your family won’t need the protection of your will for a long, long time. In the meantime, you will be able to sleep easier, knowing that there’s one less thing to worry about.

Before you sit down to write your will, you’ll need the following information:

• Assets (a list of both money and possessions)
• Debts
• Guardian (the person you have asked to parent your child in your place)
• Executor (the person you have asked to carry out the terms of your will)
• Trustee (the person you have asked to manage your estate, often called the "guardian of the property")

The guardian, executor, and trustee can be the same person or can be a combination of people. It’s a good idea to name two or more choices, in case the people you have chosen can’t assume their responsibilities for some reason.

Go to this link for more information on wills and what needs to be included in one.