If you were to die tomorrow, do you know who would inherit your hard-earned assets? Or, if you have children, who would care for them? If you are not sure about your answers, you are not alone. A study by Findlaw (www.findlaw.com), a legal web site, found that 59% of Americans don't have wills.

Many people delay or avoid basic estate planning because they believe they have plenty of time do it later; they don't believe they have sufficient assets to warrant it; or, they don't understand what happens if they die without a will.

All 50 states have ready-made estate plans for those who die without executing a will. Often these instestate succession laws lead to unintended results. In the worst-case scenario, the assets in your estate could escheat to the state in which you live! Chances are that is not your objective.

A will can also help you achieve non-financial objectives. For example, executing a will allows you to choose a personal representative to carry out your instructions for settling your estate. Most people take comfort in handpicking a personal representative, and a will can eliminate potential quarreling as to who assumes this role.

Additionally, if you have children, you can name a guardian for them in your will. The guardian would essentially raise the children if you and the children's other parent were to pass away. If you didn't choose a guardian, the court would have to choose one for you. You should ensure the chosen guardian is willing to serve in this way and that there will be sufficient assets in your estate to provide for your children.

You can also use your will to set up a trust that includes guidelines around which minor beneficiaries would receive their inheritances. With no planning, these beneficiaries would likely receive their full inheritances at the age of majority. With a trust set up through your will, your trustee could use your assets for the benefit of the minors and distribute the assets outright at ages you determine.

If you have special items that you want to go to specific persons, you can designate those items in your will. You cannot be sure that the person would receive the items unless they are set out in a legal document.

A will can also serve as a conduit for a trust. If you have substantial holdings, you may wish to consult your attorney about living trusts. These trusts allow you to save probate costs and can provide privacy that the public probate process does not afford.

In addition to a will or living trust, it is wise to plan for potential disability, as disability is more likely than death, especially for younger people. Having well-drafted general power of attorney and power of attorney for healthcare documents in place is advisable. These documents designate someone to make financial and medical decisions and act for you if you become unable to do so yourself. It is generally prudent to have these documents written so that they will not take effect until your doctor certifies you are incapacitated.

Although it is possible to draft your own will and other simple estate planning documents, your estate would be well served if you consulted an estate planning attorney to ensure that your documents are legally valid and professionally tailored to meet your objectives. A will should be updated from time-to-time as you make major changes in your life, for example, when you marry, have or adopt a child, or move to another jurisdiction.

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