Did you know that two out of every three Americans die intestate, that is, without a Will? If you do not have a will when you die, the law of your state may then determine what happens to your estate, your assets, and any minor children. In addition, the state process is usually governed by a probate court, which is often slow, sometimes expensive, and open to the public. Although many individuals find it difficult to think or talk about having a will, it is an important and necessary planning document. Basically, a will is a legal document that transfer what you own to your beneficiaries. Establishing a will is a relatively easy process, depending on your individual circumstances. You should consult a lawyer regarding your will. There are several life occurrences that make it a good time to make or revise a will. You should have a will when you get married, and have it reviewed when you purchase a home, have children, or acquire sizable assets. However, a will usually goes through the probate process, and the decedent's estate pays all related legal costs which can total up to 10 percent of the estate. As your estate grows and you seek greater control over your property and have an effective estate planning strategy, you may want to consider an alternative to a will -- living trust. When A Will Won't Do, Consider a Living Trust. 

If you would rather avoid probate and possibly reduce probate-associated costs, or if you would like to keep you family business private and not open to the public, a living trust is another way to transfer wealth effectively to your heirs. Also known as a revocable intervivos trust, a living trust is a legal device, created by you during your lifetime, which holds property for the benefit of named beneficiaries. A living trust includes instructions outlined by you for the property's management and distribution upon you incapacity or death.

It's never too early to consult your financial adviser, an attorney, or tax professional to begin planning for the future. Plans laid today can help ensure that, in the event of your death, minor children would be provided for and your assets would be distributed to your heirs according to your wishes.