This is a sore subject for most. The future isnít always guaranteed. Itís important that you can guarantee a future for the ones that will be left behind. Establishing your estate is one of the most important things that you can do to make sure everything goes where it is supposed to go when you are gone.
You're going to have to pick someone you can trust to handle paying any taxes or debts after the fact. This person is called the Executor. They are responsible for paying anything the estate owes, paying final expenses, and distributing anything else to who and where it is supposed to go. This needs to be a responsible person that you can trust.
The next thing that you want to do is start a trust. A trust is a fund that keeps your children from getting one lump sum of money at an early age. It pays out over a period of time so that their necessities are taken care of when they need to be. This way you donít have to worry about them spending all of their money on something frivolous.
The last thing is to have two different wills; a living will and a last will. A living will is to make sure that all of your medical wishes are followed in the event that you are not able to voice those decisions at that time. A last will lets people know who will have what when you are no longer here. Having a living will and a last will ensures that all of your wishes will be honored all the way until the end, and even passed that.
As touchy of a subject as it is, it is definitely something that needs to be addressed. Talk about it with your partner. Discuss it with your family. It is never too early to be as prepared as possible.