If you pass away without a spouse, without children, and without a will, the state will determine what happens to your money, your home, your car, and your pets. If no relatives can be found, your financial legacy will go to the state.
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If you do not want the rewards of your life's work to line the pockets of court-appointed lawyers then, no matter how old you are, make a plan for your estate now.
Experts recommend that you have a lawyer draw up your will. Internet specials for 9.99 are frequently not worth what you pay for them.
Designate beneficiaries for your retirement account, 401K, and life insurance.
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Name someone you trust to sell your property, pay your taxes, and distribute your money. If you want to leave behind a charitable legacy, most charities will help you set up a charitable trust.
And do not forget about your pets, you can either will some money directly to the new owner, or set up a small trust that will pay for their food and care.
You should look at your will once a year to be sure it is up to date.