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In Your 40s
Draw up a revocable living trust with an incapacity clause.
Though it's best to have both a will and a trust, a trust eliminates the lengthy probate court process required to validate a will. A lawyer can draw up the document for you, but you can also create one yourself with several software programs. You'll then need to hire an estate lawyer to review your work.

Save for your retirement before the kids' college tuition.
Don't shortchange yourself—the kids can get loans for school but you can't get loans for retirement. Max out your 401(k) and, if you're eligible, a Roth IRA. To find out how much you need for a secure future, visit smartmoney.com/retirement.

Once you're on the track to a comfortable retirement, visit savingforcollege.com for tips on funding your children's education.
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.