A recent Caring.com survey found that many people view estate planning as essential when they acquire valuable assets like a home or a substantial cash windfall. More than half of the respondents -- 56 percent -- said they don't have a will or trust because some feel they lack enough assets to leave anyone. But estate planning involves more than things -- it also involves people; your final wishes form the future for those you love. The best time to plan is when you're healthy and don’t face a crisis. Yet, as the survey showed, some age groups are more prepared than others, and certain factors influenced their choices.

A will guides your assets and your loved ones through your final chapter. But not every will suits every situation; each has advantages and disadvantages. Let’s explore some of the most common types of wills and their purposes in estate planning.

Can you make decisions for your young adult child if they have an accident or become seriously ill? When a child has reached the legal age of adulthood (in Maine, that's 18 and older), parents have fewer rights over them than they do over minors. An advance directive and a durable power of attorney authorize you to act on behalf of your child. If you haven't made any incapacity plans yet, you can both secure your futures together, and you'll feel better that you're protecting your rights and your child's needs. 

If you want to talk to a loved one about an advance health-care directive, you may not know where to begin. Here is some advice on how to plan the conversation, how to broach the topic, and what to say.