Do I need a will?
It depends. If you are satisfied with how the state divides your property when you die without a will, no. If you want control of your assets disposition, yes.
Do I need a trust?
Trusts are used for two primary purposes. One is for privacy, so your estate it not submitted to the probate court. The other is to control when your heirs receive the proceeds of your estate. This is typically used to delay children receiving funds too young. Many divorced parents chose to have trusts so funds for their children are controlled by someone other than the other parent.
Do I need advanced directives?
Advanced directives include a living will, medical durable power of attorney and financial durable power of attorney. The first two are for medical situations. The living will allows you to state in advance your wishes with regard to keeping you alive, if you cannot then communicate that wish. The medical power of attorney allows you to give someone else the power to make medical decisions for you if you cannot. The financial power of attorney allows you to have another person handle your affairs if you are unable to. Many single and divorced individuals find one or more of these documents essential.
For an extensive discussion of estate planning, see the Estate Planning Report.
