For America: Write Two Wills

Nearly 75 percent of parents with minor children do not have wills, according to a recent survey. That's a shocking number. Many people may think that wills are just for the wealthy, but the fact is, a will is the best way to ensure that your loved ones are properly taken care of. That's crucial for their peace of mind and yours. It's good for the country, too.

No matter how much money you have -- or don't have -- naming guardians for your children or recording your wishes about your medical care in a legal document can be crucial for your family if tragedy occurs.

Why? Let's say you have an agreement with your sister that she will take care of your children should anything happen to you. The problem is that without a will, a judge won't see your agreement as binding and could easily appoint someone else as guardian. What's more, in the absence of a will, family members can challenge a judge's ruling. If your brother thinks he should be your kids' guardian, he can fight your sister for custody. But that's not all. The money for this legal battle would come out of your estate, meaning that in essence, your children would pay for it.

Any good will should also include a property guardian, someone who can manage any money or property you leave to your children until they are old enough to take responsibility for it. This guardian can be the person who will raise your children, or it can be a financial adviser or someone else with financial savvy. Also, these days, you can leave specific instructions about how your money should be used, such as for a college fund.You can even leave detailed instructions about how your kids should be cared for, from the proper religious education to making sure they go to their favorite ice cream stand every summer.

Whether children are involved or not, everyone should create a separate living will as well. Incredible medical advances have made it possible to prolong the lives of the severely injured or ill indefinitely. Regardless of whether you think medical innovations are true lifesavers or artificial life extenders, your opinion won't matter unless it is formalized in a living will.

Without this document, your life, or quality of life, could be subject to the opinion of a judge. It's up to you to ensure that your wishes are carried out. Besides, without a living will, your family may enter into a heartbreaking debate about what they think your true desires are. At least you can spare them that much -- and possibly a court date, too.