You should prepare a will so your heirs will be taken care of in an organized, legal and efficient manner, according to your wishes.
Preparing your will is not exactly a "fun" thing to do, as most people don't want to think about the end of their own lives. Even Baby Boomers that are reaching that stage of life procrastinate on this arduous task.
Whether you tell yourself there is still time or “I do not have enough assets to have an estate worthy of planning,” the excuses likely run much deeper. Perhaps you are intimidated by the process, by the concept of facing mortality, or the fact that you really need to involve (and pay) an attorney to help you.
Whatever the reason, even if you do not realize that there is a reason, the fact remains – you still need to do it and need to know how to do it right. Need some guidance because you do not know where to start? Fortunately, Forbes has stepped up with just the right article for you titled “What Baby Boomers Need To Know About Making Out A Will.”
You see, writing your Last Will is not just a set of decisions, but also a part of a comprehensive plan. As you think about what goes where, and to whom, you might come across other issues. The plan you create may not only affect you, your loved ones and your assets. In the big picture, estate planning can be much, much more.
Be sure to engage competent and experienced legal counsel who has been there and done that. Best to know where the blind alleys are and which bridges are out before you begin your estate planning journey.
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Please see my video on estate planning for further information
Reference: Forbes (January 23, 2014) “What Baby Boomers Need To Know About Making Out A Will”