Your estate administrator will be responsible for following the rules of your will in the event of your death. It is important that you select an individual who is responsible and in a good mental state to make decisions. Don't immediately assume that your spouse is the best choice. Think about all qualified individuals and how emotions related to your death will affect this person's decision-making ability.
10. Create a Will
Everyone over the age of 18 should have a will. It is the rulebook for distribution of your assets and it could prevent havoc among your heirs. Wills are fairly inexpensive estate planning documents to draft. Most attorneys can help you with this for less than $1,000. If that's too rich for your blood, there are several good will-making software packages available online for home computer use.
Make sure that you always sign and date your will, have two witnesses sign it and obtain a notarization on the final draft. If you have a family, Advice on Wills: Should Each Child Get the Same? will help you think through some of these issues.
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