We've talked numerous times in this space about the reluctance many people have when thinking about estate planning. For some it is simply always a little too low on the priority list to seem like the most important thing that they may have to do on any given day. For others there is a feeling that thinking about estate planning will force them to face thinking about their ultimate future.

A recent study reported that more than half of all adults do not have a will; this includes more than 40 percent of baby-boomers. Nearly a third of respondents reported that they would rather have a root canal of do their taxes than to prepare a will.

Fortunately much of the apprehension surrounding preparing a will is unfounded. This is particularly true for those that already have a relatively solid understanding of the nature of their assets, where they are and at least a broad sense of how they would like them distributed. By executing a will individuals can save their future heirs from the possibility of acrimonious conflict in the case that there is some conflict between each person's idea of how you would like your assets distributed.

Though in some instances people may not have great confidence in their knowledge of their assets, this could be a retirement account from a former employer or other assets for which there has not been a recent valuation. In those cases preparing a will as part of a comprehensive estate plan is a great opportunity to inventory and organize your assets.

Source: Chicago Tribune "Will yourself to deal with estate planning now" John Yates, May 5, 2011