If you have substantial assets, you probably already know that having a will is smart. There are a lot of reasons to take the time to create a legally sound last will and estate plan. Many people don't realize that an estate plan with a properly created trust can also be a wise decision. Trusts are legal devices that allow the person creating an estate more power over important decisions, including medical care in situations that involve physical or mental incapacitation.
As any attorney who has contested a will for a client can tell you, not everyone will be pleased with the way a decedent handled his or her will and disposition of assets. However, simply because you did not wind up with what you feel you should have gotten does not necessarily give you the grounds to mount a challenge to the will.
Regardless of your age, marital status, or financial circumstances, having a Last Will & Testament is important. There are at least five reasons why: