CREATE A LIVING WILL. You don’t have to be wealthy to need or draft a will. Experts say that without it, when a person dies, no one can handle important loose ends, such as accessing funds in the deceased personâ€™s solely owned bank account, transferring ownership of their vehicles or houses, or collecting stock or liquid assets.
Start by taking an inventory of any assets, including investments, retirement savings, insurance policies, and real estate or other business interests. This is also where you’d choose a power of attorney, beneficiaries, and an executor or personal representative who would be responsible for taking care of filing the will in court and overseeing the probate process. Be sure to review the will periodically and make adjustments based on any life changes such as marriage, increase in assets/income or birth of a child.