Q: If I die and have assets, plus two children, do all of my assets automatically get split 50-50 between them?

A: So long as you are not married at the time of death, yes, your two children split equally your estate assets. However, the probate process is simpler with a will. In addition, you need to review how your assets are titled and whether you have named beneficiaries (pay on death or otherwise) on any titled assets. These include bank accounts, retirement assets (IRA’s, 401Ks, etc.), and real estate. Those assets would pass directly to any joint owner or beneficiary and will not go through your estate at all. Many people miss these important issues and when they are gone their assets do not distribute to their heirs in the proportions they intended. Therefore, a simple will and a review (and amendment) of your titled assets and beneficiary designations should be on your to-do list. These matters cannot be fixed after your death or after you lose mental capacity to make the necessary changes. It this latter regard, all estate plans should include two essential powers of attorney in place during your lifetime: a general durable power of attorney for managing your assets and accounts, and a health care power of attorney. These two POAs will avoid a costly (and time consuming) guardianship court proceeding should you ever become mentally incompetent to care for your needs (even temporarily incompetent due to illness). You also control who will be making these important decisions for you in such an event by naming them in your POAs now. You should also consider a Living Will/Advance Medical Directive to express your wishes regarding end of life extraordinary medical procedures. These documents are all basic and essential for everyone and are relatively inexpensive. Contact a lawyer and make sure your future care and estate planning needs are set up and in order.