Creating a will is not just a good idea for old rich people. Any time someone has assets, of any magnitude, a will gives the owner control over what happens to them after death. Not everyone has a will. You can, of course, still die without one, but it will be legally messier and probably more expensive for those left behind. If you die without a will, the state steps in and takes over the disposition of all your material goods. The government's idea of who gets what may not be consistent with what you would have preferred if you had taken the time to get a will together.

When you step into the complex world of estate, tax, and probate law you may discover that trying to do it yourself is impractical. Since there is very specific technical legal language used in wills, it is a good idea to go to a professional lawyer, experienced in this field, who will make certain your interests are properly protected.

There are three types of wills:

• Holographic will. This is a handwritten will without witnesses. This type of will is the least likely to be recognized by a state as legal.

• Oral will. This will is sometimes referred to as “nuncupative will.” Only a few states recognize this, and then only in highly unusual circumstances such as a soldier about to die in the heat of battle.

• Self-proving will. A written will that has been witnessed and signed, conforming to all the regulations of the state in which it was made.

Depending on the contents, a will may be categorized in one of three ways:

• Simple will — Everything is left directly to beneficiaries. No trusts are created.

• Tax-based will — All or a portion of the estate goes to a trust on behalf of the beneficiaries. This type of will is designed to minimize, or avoid, death taxes.

• Pour-over will — Assets are left to a trust created during your lifetime, called an inter vivos trust.

Even though each state has its own legal structure for a will, in general all require that:

• When signing, you must declare that the document is your will.

• At least two or three witnesses must witness your signature and sign your will in each other's presence.

• You follow specific wording requirements for both your signature and the signatures of the witnesses.

A living will has nothing to do with disposing of property after your death. It is a document that tells family and medical care providers your wishes regarding using artificial life support or extreme intervention in the event of severe illness or injury. It relays your position on this for circumstances when you cannot represent yourself, usually when death is inevitable and you may be unconscious. A related but slightly different document is a health care proxy. With this, you transfer the right to make health care decisions for yourself to another. Often a spouse or life partner is given this right, or adult children of aging parents. Both a living will and a health care proxy are executed at the same time you sign your will.