You should have a will but your estate planning should not end there. Other components to consider include:
Trusts. Putting your assets in trust will help your heirs avoid the time and expense of probate. Assets kept in trust can provide funds for your heirs yet prevent your survivors from squandering their inheritance.
Powers of attorney. Such powers enable someone you name to act on your behalf. A “durable” power will remain in effect, even if you become incompetent.
Beneficiaries Life insurance, retirement accounts, and payable-on-death bank accounts will go to the people you name on beneficiary forms, without going through probate.
Health care proxy. This document authorizes someone to make medical decisions for you, if you can’t make them yourself.
Living will. This instrument states whether or not you’d want life-sustaining efforts.
Review all of these documents every few years to make sure they’re up to date, in line with your current wishes.