I am amazed at how many successful people, and those who have children, do not have a will. A will is a document by which a person can direct the distribution of assets when he or she dies. It is used to carry out the intention of the deceased as to who gets what. A will has many benefits. In general, it ensures that the assets are distributed according to your wishes when you die, and while you are alive it may give you a sense of comfort knowing your wishes will be carried out, or you have taken steps to put your affairs in order. If you die without a will, the state steps in and distributes your assets according to the provisions of the state. It’s called “dying intestate.” 

Here are a few additional legal papers that everyone should have. Most attorneys now provide these as part of an all inclusive suite of documents:

A living will, which you can think of as your right-to-die statement. It states your health-care directives regarding life-prolonging medical treatment. If the time comes when you no longer can speak for yourself, a living will directs your family and physicians on the actions they are to take. 

A health-care power of attorney, and a durable power of attorney—and these powers may be designated to different people. You may prefer that one person make decisions on the handling of your medical concerns, and you may want somebody else to have the durable power of attorney to look after your financial affairs or conduct other business for you if you become incapacitated. 

It may be an emotionally challenging task to sit down and think about these matters, but having these documents in place can ensure peace of mind later on. 

Mutual of Omaha Investor Services, Inc. and its representatives do not provide legal advice.  Consult your legal advisor for advice regarding your particular situation.

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Ernest Becker, the Pulitzer Prize-winning psychologist and author of The Denial of Death

My father fought in the Battle of the Bulge, and when I was a young boy I heard a lot of his war stories. They really got me interested in history and the world wars, particularly World War II. When both of us knew that he had a limited time to live, I asked him to get deep and narrow with my two boys about his experiences so that they could have a personal and intimate understanding of their grandfather and what he had endured. They are in their mid to late-20s now, and they are enthralled with history and virtually anything that has to do with the Second World War. Their grandfather left them a lasting legacy. He is forever vivid in their minds.

How many people know anything about their great grandparents or their great, great grandparents? It’s as if memories fade to oblivion after a few generations. In legacy planning, we tell people there comes a time in life when you long to know that you had some purpose. You want to know that you are leaving a meaningful mark in the world.

It goes beyond wills and estate planning. Creating a legacy plan starts with a “bucket list” of the lifetime achievements that you desire, and it helps you to express your values and interests—what truly matters to you. You can document the essence of your life as a priceless bequest to your survivors.

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