All of us entrepreneurs think we’re immortal, but we’re not.

So, you need a will to stay out of probate, which will send some lawyer’s kid to college for a year.

You also need a living will, in case you are incapacitated.

So, here are our thoughts:

1. Our will guidance is to make it rather generic, to conform to state guidelines, so you stay out of probate.
2. Personally, I use an addendum to spell who gets what, which I’ve had notarized. I also sent copies to my two kids so they’d know what my thinking is. ee
3. My kids are co-executors, which was their idea, but you just need to have one.
4. I have final expense insurance, because asset sales might not be done fast enough to pay for mortuary expenses.
5. I also listed what my debts are, so that my executors know who to call to pay them off.