Between half and two-thirds of American adults don't. Do you need one? Only if you answer yes to any of the questions below:

1. Do you care who gets your property if you die? 

3. Do you care who is appointed guardian of your minor children if you die?

Wills are not just for the rich. Regardless of how much or how little money you have, a will ensures that whatever personal belongings and assets you do have will go to family or beneficiaries you designate. Without a will, the court makes these decisions.

If you have children, a will is a must, to ensure that you get to choose your children's guardian. Few people plan to die in the near future, but if you die suddenly without a will, you'll be subjecting your family and loved ones to confusion and anxiety at what is already a difficult time. Read more.

Life insurance can be an extremely important part of your estate.  There are several significant reasons why:

• The proceeds from a life insurance policy will be paid directly to the named beneficiary upon the insured's death.  Such proceeds do not have to go through probate court, as required for property left through a will.
• For many people, there can be considerable legal expense incurred in settling the estate, in addition to repaying the debts of the estate.  Life insurance proceeds can assist in covering these expenses and help ensure your estate is left intact for your heirs.
• The federal estate tax rate is currently very low, however, it is important to remember that state inheritance taxes may apply and are often an unexpected expense of the estate.  Adequate life insurance can provide an income-tax-free benefit to help pay these additional taxes.
• Your life insurance can often be arranged so that the proceeds paid to your beneficiary are totally exempt from federal estate tax, and also from the inheritance tax of many states.