Are you one of the 70% of Americans who do not have a will? What would happen to your children if something happened to you? No, this is not a subject that any of us really want to face, however, it is something that deserves our attention.

None of us like to think about dying, but it is inevitable. We all hope that no tragedy occurs, but it is always better to be prepared. There are several documents that parents should have in place that will allow them to specify the disposition of their assets. Cost should not bean issue. The basic documents can be prepared for a very reasonable cost. Do you have:

A Will –Even a basic will passes everything to your designee-probably a spouse-and then for a family-into a trust for minors. The will usually names an executor to transfer the title of your assets and a guardian to look after your children.

A Durable Power of Attorney- the DPA gives someone the ability to handle your finances by writing checks, selling stocks, etc. This will come in handy if you should become incapacitated.

Advanced directive-sometimes called a Living Will-this specifies whether you want life support. Another important item may be a health care proxy-this gives another person the right to make health care decisions for you if you are unable to.

A family trust-Even if you don’t have much money, you will want what you have to go into a trust rather than directly to your minor children. The Trustee will manage the assets of the trust who will direct the money to the appropriate expenses like education and health care. When the children come of age—whatever age you specify—the money maybe transferred to them.