Do I need a will?
What about life insurance?
answer:
Though half of adults don’t have a will, everyone should. Die without one and your state will determine how your belongings get distributed. If you have kids, a judge could even decide who raises them. Unless you have lots of expensive belongings, though, you can write your will yourself; check out nolo.com for help. If you’d rather work with a lawyer, go to abanet.org and click on “lawyer locator.” Life insurance is a different story. If you don’t have children or other dependents, skip it. If you do have kids, get term insurance, the most basic, cheapest type. (Pass on cash value insurance—it comes with high commissions.) A 25-year-old female nonsmoker in perfect health could get a $250,000 20-year policy for $15 a month.
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