This morning, Mike and I attended a financial overview seminar.  It was interesting.  We talked about 401K, 457, IRA and Roth accounts, 529 accounts and Wills and Estate Planning.  These are recommendations of suggestion by the estate attorney so glean what you want....one should have what they call a Pour Over Will AND a Living Trust, Living Will and a Power of Attorney.  If one has a simple Will then it may still go into probate.  The combination of the Pour Over Will and Living Trust will eliminate the need to ever go into probate. Never put your kids on your accounts...like your home, bank etc.  If for example our parents die and all of our names (Joint Tenants) are on the cabin then the IRS will look at everything as a whole...including all of our homes, our assets etc and we will get hit with capital gains and if by chance it goes over 5 million then we will be hit with estate taxes.  In a Living Trust dad and mom can state the inheritance of assets and how much and when distributed....they can even control their finances even after death...Such statements will be looked at from the IRS as a gift of inheritance and no taxes will be issued. Did you realize that when your child turns 18 that he is a legal adult and if you and your spouse die that he won't get social security from you like he would have up to age 18?  Since he has become an adult that technically, especially going on a mission that he should have at least a Living Will and a Power of Attorney.  If something should happen to him/her while on a mission that he/she would need someone to look over his medical decisions etc. Did you realize that each state has their own interruption of the Living Will of meaning.For the State of Utah when you ask that no great measures be taken to keep someone alive that it means that they will not provide nutrition or hydration.  Some states will provide hydration only while other state will only provide the nutrition. It is called something like "Tubing Order" Thought I would pass just a few things that we learned today.  I know that since we, the Jensen family are now all adults in our home that probably our Will and all legal documents need to be reevaluated or created. Oh and if you want to meet with an estate attorney that you look for an attorney that charges a flat rate for document creation and meetings instead of being charged by the hour.