Where do I start?
Take an inventory of your assets: investments, retirement savings, insurance policies, and real estate and / or business interests. Determine who you want to inherit your assets, who you want to handle your financial affairs, and who you want to handle your medical decisions if ever incapacitated.
Do I need a will even if I already have a trust?
yes. A will clarifies where you want your assets distributed, including holdings outside of that trust when you die. Dying without a will (intestate) can be costly to your heirs without any control over who gets your assets. If you do not have a will, the government will decide what will happen to your assets.
What happens if I do not assign a power of attorney?
A power of attorney should act in the best interest of your wishes and your financial interests at all times. If you become incapacitated without an assigned power of attorney, the court will appoint one for you, a costly process (over $1,000), plus the costs of the guardian’s annual visits to court.