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You don’t have to be rich to have a will. In fact, if you have the expectation that you are going to have any assets or personal property that you would like to give to your family/friends or charities after your death, you need a will. More than half of Americans die without a will or what is called “intestate” which causes their loved ones additional time, money and frustration as they navigate the court system to settle the estate.

A good first step to take is to read the online Wills FAQ. Wills eliminate any misunderstandings by making sure your final wishes are followed and your estate assets go to those loved ones you choose, instead of whom the state intestate laws dictate (see the articles What happens when you die without a will? and Avoiding Probate). For more detailed will information, nolo.com and NEA MB have some interesting articles on simple wills, leaving an inheritance to children and whether you really need a lawyer to make a will.

Next, be sure the person you designate in your will to be your personal representative or estate executor knows where you keep your documents, including your will, by reviewing the online article Getting Organized Now. Furnish your family or personal representative with a detailed record of up-to-date legal, financial, and personal information and provide them with access to copies of medical treatment instructions or your living will so that your last wishes for your medical care are also followed. Having this information will help alleviate added strain during what is often already a painful and difficult time for your family.

Finally, don’t forget to revise your will and final instructions when life events change your circumstances (see Is It Time to Change Your Will?). And as part of those revisions, always update beneficiaries on retirement accounts and insurance policies which are not governed by the instructions in your will or intestate court decisions due to the nature of their beneficiary designation.