It may not be top of mind for many seniors, but experts say they should consider the legal consequences of not having a will and/or a trust. First, there is planning for their estate..

"But also planning for an extended future. At the Elder Law program, our motto is plan for the worst and expect the best and that's generally speaking what seems to happen," says Jim Pietsch, U.H. Elder Law Program.

For those seniors who have worked hard to set aside a nest egg, Pietsch says, it's not enough to simply make a will.

"But now we see people are not thinking so much about that estate plan, especially with trusts for those individuals who have some assets, some significant assets," he says.

Another important legal document seniors should consider - an advanced medical directive, telling family and others about end of life decisions. By its nature, it must be separate from a will or trust.

"And then the advanced directive which would be a health care directive which would include individual instructions for your health care and an agent to carry out those instructions."

Pietsch says a trust is vital because your assets may be needed by YOU while you are still alive.

"You can have a successor trustee manage those when you're incapacitated and then that successor trustee can distribute those upon your death without having to go through the probate process."

Ah, yes, probate where - in some dimly lit courtroom - your heirs will face lawyers for the state.

"The state has a plan for you. And it may not be the plan that you want so, people who die without a will - they don't have to worry that the state will take their property, but it will be distributed in accordance with state law."

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