Are Your Kids Really that Important to You?

I've talked about this before, but I ran into this quick fact in the February issue of Money magazine and had to discuss it again:

57% of Americans don't have a will, including 69% of parents with kids under 18.

Here's my take on this:

1. Almost everyone needs a will. Assuming you own something, don't you at least want a say in where it goes -- relatives, friends, charity, etc.?

2. The 69% number simply floors me. Do you really want the court deciding where your kids would go in case of your death?

3. We're having our wills updated because the guardians we'd appointed a few years ago have since moved away and we've lost contact (for the most part) with them. We're naming new guardians. In addition, we're dividing up our property a bit differently and deciding when the kids get various amounts from the estate.

I understand that getting a will can be a difficult emotional process for some, but it's a key part of good financial management. And if that's not enough to get you to have one, think about your kids and who might raise them if you let the court pick their guardians. Do you really want that to happen? I sure don't!!!

If you'd like some tips on how to get a will that's right for you, check out these posts:

• What You Need to Know About Wills

• How to Decide Who Gets Your Kids When You Die

• What Happens When You Die Without a Will

Comments

[Ryan]

I agree with getting a will, but if your situation truly is uncomplicated, you probably don't need one. Such as a DINK (Dual Income, No Kids) couple with no past divorce history, the court by default will give all the money to the spouse. Also, for those with no past divorce history and who have kids (legitimate), it's obvious where the money will go. The court by default evenly splits the money. I've seen some cases where having a will made things worse, where the kids and stepkids, previous wives, etc. would all get crack lawyer teams together to fight for a larger peice of hte pie.

[MonkeyMonk]

Getting a will is one of our #1 priorities this year. Can anyone give us a ballpark figure for what a simple will would cost for a single-child family with total net worth under a million and nothing too complicated?

[FMF]

Money Monk --

A very simple will only (no power of attorney or healthcare documants) should be $200 or so.

[fathersez]

This was something we drew up a couple ofyears ago. The children, (the elder ones) are now having their own views on who should look after the younger ones.

We want to discuss this further and then decide if we have to change our will.

[Bill]

> [We're] deciding when the kids get various amounts from the estate.

Does this mean you're using a trust? I'd like to hear more.