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.