Estate planning is often not at the top of everyone's priority list, even though most people are aware of the benefits of creating a plan. Not having a will and other important tools in place can leave families and friends in a difficult situation. Even celebrities and other well-known individuals are not immune from ramifications resulting in improper estate planning. Last year we shared an article, highlighting the situation faced by the heirs of Dr. Martin Luther King Jr. He did not have a will at the time of his death and his estate is still the subject of dispute.

As many as 55 percent of Americans have not created a will. Estate planning does not have to be a complicated process. Many people feel that they do not have the time for it or are not prepared to handle the planning process. Failure to have a solid will and a plan in action in regards to handling your estate, and your children or other family members could be left to fight for your assets in court.

If you do not have a large number of assets, you can name a single beneficiary to your estate, or you can name beneficiaries for certain assets or items that you possess. This includes not only physical assets and monies you have, but also life insurance and retirement plans.

Your will is not set in stone. You can always change the guardian of your child, should you pass, and you can always change your beneficiary. If your financial status changes significantly, it is important to make sure that you have an up-to-date will created so as to cover the change in assets.

Forbes, "A Common Sense Approach to Estate Planning," Nancy Anderson, Jan. 19, 2012