While most people know they need a will most people don’t know why.  The following information might help:

What Is In Your Estate?  Your estate does not include life insurance proceeds in which somebody is designated the beneficiary.  It does not include real estate or other property that you hold jointly with the right of survivorship.  Upon your death that property automatically goes to the other party listed on the deed or property instrument.

But your estate does include things that you may not realize.  For example

* In the event you were to die in a automobile accident that was the fault of the other driver all of the lawsuit proceeds from that accident would go to your estate. 

* In the event that you died with a winning lottery ticket in your pocket all of the proceeds from that lottery ticket would go to your estate. 

* In the event you died within a relatively short period of time after a close cousin, uncle, spouse or other relative died and that other relative had left you money through life insurance or their estate then you may die with assets that you weren’t aware of.  Those assets are part of your estate.  In most cases they haven’t been anticipated in the typical will.

If you don’t have a will there is a scheme of distribution that will divide your property up between your spouse and your surviving children but it leaves a lot of things undone and causes a number of difficulties for your heirs.  Of course the advantage to having a will is that you can control your estate and, when necessary, make tax plans that save your estate from the government. 

Other things to consider at the time of estate planning include Durable Powers of Attorney in which a close loved one would have the authority to sign your name in the event you were in a coma or otherwise unable to conduct your business, cash your checks, etc.

Living Wills or Advanced Medical Directives are also necessary to convey to your heirs whether or not you wish to be kept alive via artificial supports and, if not,  what things you would dedicate to prolonging your life and when you would say that the directive is to withhold additional services.

A properly reviewed estate would also have you make arrangements for funeral services, burial or cremation and other items that are extremely difficult on your heirs at the time of your passing.

A will should be updated every couple of years in order to ease the pain that your heirs will go through at the time of your death.