If you are divorced and have minor children, you should make a will. For two main reasons. You need to appoint someone to handle the money you leave your children. You also need to pick someone to take care of kids, if you and your ex both die.
Who Takes Care of Your Children’s Inheritance?
If you die without a will, the Court will give your children’s inheritance to their guardian. This is probably your ex. However, there are many reasons why you might not want your hard earned money to be given to your ex.
Your ex might not be good with money. They might have a drinking, drug and/or gambling problem. Your ex might spend that money on a fancy car to haul your kids around, instead of saving it to buy a car for the kids’ themselves.
The problem is that once the Court gives the inheritance to your ex, no one will be there to make sure that the money will be spent on your kids.
What if your ex can’t take care of your kids? Your ex could be in prison or rehab. He or she could be suffering from a physical or mental disability. In such a case the Court, would give the money Continue reading →
More than half of all adult Americans do not have a Will. Why? Well, about a third of men feel like they do not need a will, while one in four women blame costs for not making a will.
In this post I will suggest a few groups of people that really should consider a will.
What if I don’t have a will?
When you die without a will, that is intestate, then State laws will determine who gets your things. If you are married, most States’ laws will give all your assets to your wife if you have no children. If you do have children, then your things will get split between your wife and your children in varying proportions, depending on who is your children’s mother. If you are not married and have no children, then your stuff will go to your parents, or your brothers or sisters, or other relations.
So, if you do not like what will happen to your stuff without a will, then you should make one.
Here is a list of people who probably need a will
Many young married couples with young children, think that they do not need a will because Continue reading →
Not everyone needs a will and many people do not have one. However, if you are married and have minor children, you should.
Married couples with little kids should have wills
Many young married couples with young children, think that they do not need a will because they don’t have any money to give away. However, most people have some assets. A car or two, some money in bank accounts. Maybe a home, or a 401k plan.
All these things can be disposed of without a will, but who will they go to?
Usually to a surviving spouse, but what if both parents die together? Then their things will go to their children. However, if the kids are minors (less than 18 years old), the money will have to go to the kids’ guardian and/or their conservator.
But who will be their guardian? Who will be their conservator? That’s where the will comes in.
Appointment of a Guardian
In a will, a parent can appoint a guardian for their minor children. That is the most important reason young people with little kids need a will. So that they can decide who will raise their kids.
Appointment of a Conservator
A parent can also appoint a conservator for their will. This is the person that will manage the Continue reading →