Did you know that it is estimated that more than half of American adults don’t have a will? No doubt this statistic stems from the fact that we have difficulty facing our own mortality, never mind the discomfort of having to make decisions about what will happen to loved ones once we are gone. Actually sitting down and taking stock of what we have and what it is worth can also seem daunting…not to mention the dread of a lawyer’s bill!

What does making a will do?
A will can achieve a lot, including the following:
• Names a guardian for your children
• Specifies how and to whom your assets will be distributed
• Sets up trusts for minors who may be inheriting your assets
• Names an executor (personal representative)

Your troubles will be worth it: not only are you doing your loved ones a favor by making a will, you can take comfort in knowing you have prepared for their care.

What happens if I don’t have a will?
Knowing the information we are about to tell you may help you finally get moving on this process. Did you know that if you die without having a will, the state will take control and apply its ‘generic’ plan to your situation, even though it may be the furthest thing from what’s best for those you’ve left behind? Consider these possibilities:

• If you and your spouse both die at the same time and have surviving minor children, a court will decide who raises them.
• If you are married but have no children, your spouse won’t get your entire estate: he or she will share it with your parents or siblings.
• If your children are minors, they may get everything outright at the age of majority (usually 18)

Lawyers, especially in states where probate is difficult, often include a revocable living trust in an estate plan. This is because assets that you put in the trust during your lifetime avoid probate, which is the time-consuming court-supervised process of gathering and parceling out an estate. Keep in mind, though, that even if you use a living trust, you will still need a will to cover assets that, for example, didn't make it into the trust during your lifetime.

How much is this going to cost me, and do I need a lawyer?
You may be surprised: making a will may not cost as much as you might think. Of course, costs will vary depending on where you live and how much detail is required. To give an estimate, a married couple with two minor children might typically pay anywhere from $900-$1,500 for wills and durable powers of attorney for finances and health care (two other pieces of most basic estate plans).

Some people like to use software if they have very simple needs, which may work for some but is not recommended for everyone. In fact, even if you do it on your own, it might not be a bad idea to get an estate planning lawyer to do a quick review. You should definitely use a lawyer if you have anything beyond the absolute basics, such as if you own your own business, have any special needs, or have an estate over $1 million.

Note, as well, that a holographic will, or will written, dated, and signed in your own handwriting, is allowed in some states. To be on the safe side, though, use printed or typed documents.

Once I have a will, when do I need to change it?
Other than changing your mind about what you have planned, usually you only need change it if a significant event has occurred, such as a marriage, divorce, birth, or large change in wealth.

Where should I keep my will?
Store the original of the will someplace safe. Keep in mind that a safety deposit box, though safe, may require the hassle of court supervision to be opened after a death.