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Creating a Will

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For many people, the prospect of creating a will may not only seem unnecessary, but it may also seem too emotionally daunting. After all, considering the end of a life is something most of us would prefer to just not think about. However, this is simply not the responsible choice to make, particularly if you have small children. Although one benefit of a will is that it gives you control over deciding who will receive your property and assets after your death, it also allows you to decide who will assume the responsibility of raising your children. If you don't have a will in place at the time of your death, these decisions will be dictated by the state.

A will that determines the allocation of your property and custody of your children is referred to as a "Testamentary Will" or a "Last Will and Testament." A living will clearly spells out your wishes regarding your end-of-life care, even if you are unable to communicate those wishes at that time. This saves those closest to you from having to make very tough decisions on your behalf in the event of those unfortunate circumstances.

Thoughtfully considering these difficult subjects before they become realities is one of the most significant steps you can take in defining what's important in the long run. Take the time to consider creating a will. A well-detailed plan for when you're gone will be a welcomed gesture for those who survive you.

What Is a Will?

A will is a legally binding document that provides instructions to family, friends, legal representatives, and physicians on your behalf. With a will, you can outline your wishes for end-of-life care, while also allocating your assets and providing a guardian for your children.

Two primary types of wills exist:

• Testamentary Will
  Also know as a "Self-Proving Will" or a "Last Will and Testament," this type of will assigns ownership of your possessions, property, and funds, as well as custody of any underage children to those whom you name as heirs. This document will only go into effect in the event of your death.
• Living Will
  Also known as an "Advance Medical Directive," a living will is a formal document that specifies your desire to accept or refuse medical care. In the event of a serious injury, a debilitating illness, or other condition that leaves you unable to communicate, a living will ensures your wishes are carried out. You may also call for someone to enforce your living will and make any additional decisions in your best interest. This person is known as a health care proxy.

Essentially, wills are preventative documents that help you keep the needs of those you love in mind. They ensure that your wishes are accounted for, even in the event of your incapacitation or death. This not only puts your family in a more positive position, but it keeps your loved ones and your estate from having to bear the burden of complicated legal procedures during a difficult personal time.