Do I need a will?

If you have any assets, dependents, or wishes about what happens after you die, yes — you need a will. Without one, state intestacy laws determine how your assets are distributed (which may not reflect your wishes), and a court will appoint a guardian for minor children (who may not be your preferred choice). A basic estate plan typically includes: a will, a durable power of attorney (someone to make financial decisions if you are incapacitated), a healthcare proxy/medical power of attorney, and beneficiary designations on all accounts (retirement accounts and life insurance pass outside of a will through beneficiary designations). Creating a will is not just for the wealthy — it is a basic act of care for the people who depend on you.