Q: Do I need a Last Will and Testament? Should I have an attorney prepare this document, or can I prepare it myself?
A: In most cases, yes, you should have a Last Will and Testament. Your Will is the document that directs how your estate is to be distributed upon your death. Should you pass away without a Will, certain default distribution rules will apply, and in many cases, these default rules may not reflect your actual wishes. So in order to ensure that your wishes are carried out upon your death, a properly drafted Will is very important. If you have children or if you want to defer estate taxes, a Will is even more important. Consulting with your CPA and attorney is the first step you should take in the planning and document preparation process.