"Why do I need a will? Everything is going to my kids!"

Maybe. Or maybe not. This author has served families in which assets went, not to the children of the deceased as intended, but to the estranged spouse who lived in another state. Evidently, there was never a legally effective divorce.

"I don't need a will. Everything is joint with my kids."

That could be a disaster waiting to happen. This writer has served families in which the children's creditors used joint ownership to claim the parents' assets. The stress on the parents was devastating, leading in one case to a parent's premature death.

"My kids know what to do."

And maybe they do; but the bank, your broker, your benefits department will only honor an order of Court after your death. Without that, the folks holding your money will follow the legal defaults, which might not be what you wanted.

"My daughter will take care of everything and give her brothers and sisters equal shares. She's joint on all my accounts."

Even if your daughter has no creditor or divorce problems, her distribution to siblings might be considered a taxable gift to them. This can create problems for your daughter later.

"My oldest will use my money to take care of his disabled brother."

Probably he will try, but unless you have executed a will and/or created a trust, your assets will pass to the disabled child and likely used by the State to reimburse itself for benefits extended. If you have left your estate to your "well" older child, his or her creditors (or departing spouse) might be able to take the money intended for the care of your disabled child.

"I'm leaving everything equally to my kids. My oldest daughter will take care of her minor brother."

Good, but if you leave more than $10,000 to a minor child, the law requires that someone hold those assets for the minor. If you don't have a trust in your will or a living trust, the Court will create a "custodial" arrangement for your minor child. You can't control the terms of that arrangement without the trust.

Moreover, your minor child will receive his share when he turns eighteen. Unless your estate is very small, that could be catastrophic. A young client of this writer inherited $400,000 immediately upon her father's death, and managed to destroy her life and end up broke at the end of only one year.

Without a will or living trust, you can't control what happens when you die. Without careful planning, you could unintentionally harm those you love. Only by considering what is best for them and constructing a plan to implement your care can you be faithful to the charge entrusted to you.