Yes people! Make sure you have a will of some sort and POA for finances and a POA for person (health) in place. It doesn't have to cost a lot or be that complicated but the last thing you want is to die or become incapacitated and not have these things in place! I know so many young people who have never given it much thought but it becomes a real nightmare if something unexpectedly bad happens and nothing is in place.
Also, if you want to plan to reduce the probate costs for your own Estate as you go through life, consider what you want to state as your beneficiary on banks accounts, investment holdings, insurance policies and the like. If you know where you want your assets to go, list that person or those people jointly as beneficiaries rather than the standard "Estate" that many institutions will suggest. Probate fees will be avoided on those holdings if this is done. Just be careful of putting other assets such as property in joint ownership (houses, cottages & investment properties). Not recommended due to numerous other legal issues both for yourself and the joint owners.
Also, if you are en executor and have a copy of the will and all the relative other information, make sure you keep in touch with that person and update things every few years. People put an executor in place today then die 40 years later and guess what? Very little is the same 40 years down the road.
