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What Will Happen to Your Wealth After You Die? Find the answers to your most pressing questions about wills and estate planning.

By Phil Town

Opinions expressed by Entrepreneur contributors are their own.

Do you know what will happen to your wealth and possessions when you're gone? The only way to truly know is if you have a will in place, says Entrepreneur Network partner Phil Town.

Without a will prepared, your money can go to your closest family relatives -- or maybe even your state's government. It's an especially good idea to have a will because it is, undoubtedly, hard to anticipate when your time will be up. If you're worried about your debts, know that they will not be passed down to your family, though they will affect the amount of money you will be able to leave behind. As for the stocks and assets you own during your lifetime, these will turn into liquid assets when you are gone.

So, to reliably build generational wealth, a will should be your main goal.

Click play to hear more from Town.

Related: What 'Earnings Per Share' Really Means for Your Investments

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Phil Town is an Investment Advisor, Hedge Fund Manager, 2x New York Times Best-Selling Author of Rule #1 & Payback Time, and Ex-Grand Canyon River Rafting Guide. Rule #1 Investing is Warren Buffett style investing, teaching you how to buy businesses on sale, with little risk and 15 percent returns. In fact, Rule #1 investing is practically immune to the ups and downs of the stock market.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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