Do you have a will? Between half and 3/4 of Americans don't.
Do you need one? Only if you answer yes to any of the questions below:
1. Do you care who gets your property if you die?
2. Do you care who gets your money if you die?
3. Do you care who is appointed guardian of your minor children if you die?
Who Needs A Will?
Wills are not just for the rich. Regardless of how much or how little money you have, a will ensures that whatever personal belongings and assets you do have will go to family or beneficiaries you designate. Without a will, the court makes these decisions.
If you have children, a will is a must, to ensure that you get to nominate your children's guardian. Few people plan to die in the near future, but if you die suddenly without a will, you may be subjecting your family and loved ones to confusion and anxiety at what is already a difficult time.
Durable Powers of Attorney
Every adult should consider a durable power of attorney for their finances. A durable power of attorney allows another person to act on your behalf even if you lose the mental capacity to do so on your own. Without a durable power of attorney, expensive, time-consuming court proceedings may be necessary to appoint someone to handle your affairs if you are unable to do so.
Health Care Powers of Attorney/Living Will
Every adult should also consider obtaining a Health Care Power of Attorney/Living Will. This document is used to appoint someone to make health care decisions according to your wishes if you are unable to do so.