For America: Write Two Wills

Nearly 75 percent of parents with minor childrendo not have wills, according to a recent survey.That's a shocking number.

Many people may think that wills are just for the wealthy, but the fact is, a will is the best way to ensure that your loved ones are properly taken care of. That's crucial for their peace of mind and yours. It's good for the country, too.

No matter how much money you have -- or don't have -- naming guardians for your children or recording your wishes about your medical care in a legal document can be crucial for your family if tragedy occurs.

Why? Let's say you have an agreement with your sister that she will take care of your children should anything happen to you. The problem is that without a will, a judge won't see your agreement as binding and could easily appoint someone else as guardian. What's more, in the absence of a will, family members can challenge a judge's ruling. If your brother thinks he should be your kids' guardian, he can fight your sister forcustody. But that's not all. The money for this legal battle would come out of your estate, meaning that in essence, your children would pay for it.

Any good will should also include a property guardian, someonewho can manage any money or property you leave to yourchildren until they are old enough to take responsibility for it.This guardian can be the person who will raise your children, orit can be a financial adviser or someone else with financialsavvy. Also, these days, you can leave specific instructions abouthow your money should be used, such as for a college fund.Youcan even leave detailed instructions about how your kids shouldbe cared for, from the proper religious education to making surethey go to their favorite ice cream stand every summer.

Whether children are involved or not, everyone should createa separate living will as well. Incredible medical advances havemade it possible to prolong the lives of the severely injured orill indefinitely. Regardless of whether you think medical innovationsare true lifesavers or artificial life extenders, youropinion won't matter unless it is formalized in a living will.

Without this document, your life, or quality of life, could besubject to the opinion of a judge. It's up to you to ensure thatyour wishes are carried out. Besides, without a living will, yourfamily may enter into a heartbreaking debate about what theythink your true desires are. At least you can spare them thatmuch -- and possibly a court date, too.