Pretty tough to think about leaving your minor children as orphans, yes? To make matters worse, unless you have a will to nominate the guardian (backup parent) for your minor children, then a judge (likely a stranger to your family) must pick their guardian. Not good.
Did you know more than half of all American parents of minor children have not executed wills? Wow.
A recent Forbes article, titled "6 Questions About Wills You Were Afraid To Ask," provides some practical answers to some common (and often-avoided questions) to help dispels some misconceptions about wills and motivate you to create one for your family.
For example, here are a few insights from the original article:
What is a will? A will is a basic estate planning document that details exactly who you want to rear your minor children, if any, and how you want the inheritance to be distributed.
Why should I draft a will? There is really no bona fide financial, social, emotional, or any other reason to not draft a will. Without a will, there is a much greater chance of hard feelings and disputes among your family members, to include fights over who should be guardians for your minor children!
This sometimes can be difficult for parents to think about, but creating a will does provide peace of mind.
How are assets distributed? If you identified specific gifts you want distribute (like your wedding ring) or a conditional gifts ($X to your daughter when she graduates from college), then you can apportion the rest of your estate in shares among your heirs. This can be divided equally or in percentages. The original article also recommends that you select two executors in case your first choice is unable to fulfill an obligation.
What about the children? An extremely critical task in creating a will is selecting a guardian for your minor children. As noted earlier, if you die and fail nominate the guardian of your own choosing, then the court will decide who takes care of your children. Note: You should make sure beforehand that he or she is able and willing to take on this responsibility.
Be sure to skim the original article for yourself, then give your estate planning attorney a call to get the process started.
Along with a will, an experienced estate planning attorney can help you determine if other planning documents (such as a living will, durable power of attorney for financial matters, an advance health directive, and a living trust) are necessary.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
Reference: Forbes (October 30, 2014) "6 Questions About Wills You Were Afraid To Ask"
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