Don’t Have A Will? Things To Think About

Nearly half of Americans who have adult children don't have a will or living trust.  IN a study released this week by the website Caring.com, it says that only 56-percent of people with grown children have documents instructing how they want their estates handled.  

Without a will or living trust, accounts can be frozen, family members can wind up fighting over assets, and custody of minor children can be disputed.  The site also says that it's also important to have a medical power of attorney.

Should you trust what is available online? Even though most documents are available online, it is suggested you always following up with an attorney that specializes in Estate Planning.

Without a will, people can lay claim to your valuables. Don't have legal heirs? Then your "things" can go to the state. The state does not need your valuables.

A will tells people (here are just a few things):

• Who you want to get all of your "things". Things includes all possessions, cars, house, investments etc.
• Who will be the guardian of your minor children
• The will can tell people where you want to be buried, if you want to be cremated, etc

Don't forget to put someone in charge of your "social media will", this is the person who will close email accounts and social media sites on your behalf.

Make sure you have beneficiaries listed on your insurance policies and 401K's, without that, these items are subject to probate, and in rare occasions the funds may revert back to the company you have the account with.

Here are a few examples of the "family drama" that can happen if you don't have a will: