Michael Jackson’s will was filed today in the Los Angeles Superior Court, and the settlement of his estate is sure to generate plenty of media coverage. His fortune and his debts both total roughly $500 million, according to the New York Times, so there’s a lot of money at stake.

While most of us will never have that kind of net worth to worry about, the King of Pop’s last will and testament serves as a reminder of the importance of preparing for the worst. Especially if you have dependents, having a will is vital. Without one, your assets can be tied up in court for months or years while the legal system sorts out the mess. There’s lots of good information available online to help you with the estate planning process, and it’s never too early to start.

CNNMoney.com’s “Top Ten Things To Know” hits all the basics, including:

Everybody needs a will.

A will tells the world exactly where you want your assets distributed when you die. It’s also the best place to name guardians for your children. Dying without a will – also known as dying “intestate” – can be costly to your heirs and leaves you no say over who gets your assets. Even if you have a trust, you still need a will to take care of any holdings outside of that trust when you die.

Trusts aren’t just for the wealthy.

Trusts are legal mechanisms that let you put conditions on how and when your assets will be distributed upon your death. They also allow you to reduce your estate and gift taxes and to distribute assets to your heirs without the cost, delay and publicity of probate court, which administers wills. Some also offer greater protection of your assets from creditors and lawsuits.

There’s no reason to delay protecting your assets. Michael Jackson’s sudden death at age 50 should remind us all that responsible financial management includes proper estate planning.