Having an estate plan is the only way to have peace of mind that all of your affairs are in order and your property will be passed on to the next generation in the manner you wish.

Despite popular belief, the wealthy are not the only ones estate planning, including the creation of a will, is meant for. Many people do not have an estate plan because they believe their wealth is not great enough for one to be necessary.

However, discussing death and dying with family members can be one of the most difficult conversations to have. Many lawyers and financial planners will use estate planning checklists to help you initiate the process and know your assets.  I recently stumbled across a checklist that Huntington Bank put on the web that could help you organize your own financial planning if you are not using a lawyer.  It can be found here.

Those who will be transferring wealth should have an understanding where they currently stand in terms of net worth, what they own, how they own it, and what they wish to happen upon their passing.

If you die without having an estate plan in place, it means that no final decision on how your assets, including amounts and percentages, will be distributed. The state makes those determinations if you do not have a will.

In the case of a person dying without a will, a personal representative is appointed by the court to find the assets and heirs of a decedent, often an expensive, time-consuming process. The assets are then distributed according to state law.

According to Dan Keady, director of financial planning for TIAA-CREF, a national financial services company, without an estate plan, property and financial assets might not go to the persons you intend them to go to, since the law decides the recipient.

If it is the intent of an elderly parent for an adult child caregiver to obtain ownership and live in their house, but he or she dies without having a will in place, the court may order that the house be sold and the proceeds be equally divided among the children.

According to Patrick Kennedy, TIAA-CREF’s head of wealth management services, even if your estate is small, you have some basic things that can be done, such as being certain you have an inventory of your assets.