Estate Planning Basics: How to Choose the Right Guardian for Your Child
As difficult as it may be to think about someone else raising your child, choosing a guardian for your child is an invaluable gift. By selecting a guardian with the same values, morals, religious beliefs, and commitment to education that you have, you will ensure that your child will grow up to be the person you want him or her to be.
Estate Planning Basics: Top 3 Reasons You May Need a Will
When I meet with a potential new Estate Planning client, one of the first questions I hear is, "Do I really need a will?" That question is usually followed by comments such as, "I don't have tons of money," or "If I die, my spouse will just get everything," or "If my spouse and I both die, my parents will raise our kids."
Estate Planning FAQ: What happens if I die without a will?
A person who dies without a will is said to have died intestate. If you die intestate, your estate will be distributed according to state law, not according to your wishes. With very few exceptions, only family members will inherit your estate if you die intestate. If you want to leave money to a close friend, church, or charity, for example, you need to have a will.
Key Traits to Consider When Choosing a Guardian for Your Children
While there are many factors to explore when chosing a guardian, I advise my clients to consider the following:
What is probate, and why does everyone think probate should be avoided like the plague?
Probate is the process used to ask a judge (usually a probate court judge) to approve a decedent’s will so the instructions in the will can be acted upon.
What Will Happen to My Kids if I Die?
The only way to be absolutely certain that the person(s) you want to be guardian of your minor children is selected in the event that both you and your partner pass is to have a valid will in place.