A Last Will & Testament is very important, but you should also have a Living Will and a Medical Power of Attorney, so nobody in the family has to make difficult decisions if you are unable to. A local attorney can help, but there are also D.I.Y. options, like LEGALZOOM.COM where you can put these types of documents together and then take them to a notary.
I definitely recommend getting this stuff done early. My dad didn't have any of it written up and then it all got thrown together fast and things weren't written properly and getting the house deeded over to my sister ended up being a pain in the a$$. So definitely do it while you can. It also makes going through the belongings easier with less fighting amongst the family.
We made one several years ago mostly so the kids would be taken care of. If I go first, wife gets it all. If she goes first I do, but after that we set up a trust for the kids (if there's anything after all the debts are paid! Well, the life insurance on me will guarantee that.) We did the living will and other medical stuff like POA for each other. It cost us about $500 total with a copy stored with the lawyer in case ours should get lost and such. I'm less worried about what happens to the stuff than I am about the kids being properly cared for if they're not yet adults (or adult enough to handle a quick influx of income meant to help them through hard times). We specified who got the kids (check with them first!) and how much they would get from the trust. We also specified payouts to the kids at set times and for special occasions like weddings and college and such.
Honestly bro, it's not something that takes a whole lot more than an afternoon (or evening) or two of some good and honest thinking on a topic that most of us don't really want to face. I'm an odd man out, but I drafted up a Will when I first left the US and was headed with a backpack around the world at 24 y/o. Didn't have much to my name (or any wife/kids), but I wanted my family to know what to do with my stuff and what I wanted for myself after death.
Well I have started the process, thanks Puff. It amazing how much there is to think of and I have even started filling a box of stuff to burn. No reason to leave the gory stuff behind.
I've got a living will filed at the VA. My other gets all if I go first and vice versa. I have a studio full of tools, guns, finished art and art in progress. Guess i better create a book detailing everything. Being 68 makes it more important I suppose. Humane Society will figure in.
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