Have a will? Almost half of American adults do not

According to a recent study by Findlaw Estate Planning, 58 percent of American adults do not have a will. The study further explains that while more than 50 percent of people over age 50 have a will, only one quarter of adults between 25 and 34 have one.

That's a pretty scary statistic when you consider that adults between 25 and 34 are very likely to be parents of young children and a will is the primary place to designate a guardian for minor children. Without an appointed guardian, a court will likely depend on whoever steps forward and volunteers to raise the children -- and that person may or may not be the person a parent would have wanted. Also, if you do not have a will, there will be no guidance or instructions as to how you want your property distributed.

Generally speaking, all adults should have a will, a Health Care Proxy and a Durable Power of Attorney in place. (A Health Care Proxy allows you to appoint an agent who can make health care decisions for you and a Power of Attorney allows you to appoint an agent to act on your behalf even if you become incapacitated.) If you don't have these documents, visiting an attorney should be at the top of your financial to-do list, especially if you have small children.