Over half of American adults and approximately 92 percent of adults under the age of 35 have not written a will. Most assume they do not need a will because any assets left behind will automatically be inherited by family members. Although assets may be distributed according to state intestacy laws, the process can be lengthy. With proper estate planning, however, you may be able to avoid placing any additional emotional or financial burden on your family after your death.
It is a good idea to create a will once you begin acquiring assets or start a family. In addition to designating how your assets will be distributed upon your death, your will designates an executor who will manage them until they are distributed. If you are a parent, you should also select a guardian who is likely to survive until your minor children reach the age of majority in the event both parents pass away.
Other useful estate planning documents include a durable power of attorney and a healthcare proxy. A durable power of attorney will allow your designee to make financial and legal decisions on your behalf if you become unable to do so. Similarly, a healthcare proxy allows a designee to make medical decisions for you if you become incapacitated and cannot do so yourself. By designating a power of attorney or healthcare proxy, you may save your family from being required to take the matter to court in the midst of an unexpected healthcare crisis.