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Consider making a living will, health care POA

by Joseph C. Good Jr.
University Counsel
One of the most important things you can do for yourself, and for your spouse if you are married, is to make a will.

For a variety of reasons, most people do not make a will. Your state government realizes this fact so they have made a will for you. Your state will is referred to as the Statute of Descent and Distribution.

The problem is that what your state government believes ought to be done with your assets may surprise and disappoint you and your intended beneficiaries.

You can avoid any surprises and ensure that your estate will go to whom you want by executing a simple will signed by you in the presence of two witnesses. The will is not filed but kept in a safe place to be periodically updated.

You can designate who will administer your estate and who will raise your minor children should you and your spouse die in the same incident. As an added benefit, a will may help your estate postpone or avoid some taxes. As you acquire more assets during your career, a few hours with an estate planner will be time well spent.

Please also consider executing a health care power of attorney and a living will.