Since I'm in the process of updating my will, I guess articles about wills are really catching my attention. This one is from Kiplinger's starts off with the best reason to complete a will -- to protect your kids:
Many parents put off writing a will because they see it as a downer -- a way to dispose of your assets after death. Think of it instead as a way to protect your most precious assets -- your children -- if something should happen to you and your spouse while the kids are minors.
The article then gives some tips on how to select a guardian for your kids -- probably the hardest decision you'll make regarding your will. Their thoughts:
- Look to your generation. Many older people lack the stamina or the desire to start child-rearing all over again.
- Name one guardian, not two. Choosing a couple might seem natural, but things could get complicated if the couple splits up.
- Consult the prospective guardian. Don't assume the person you have in mind is prepared to accept the job. If your children are old enough to understand, tell them your plans.
- And don't be shy about leaving a letter or recording in which you give detailed instructions about how you want your children to be brought up.
- You may even want to name two separate guardians: a guardian of the person to take care of your child, and a guardian of the property to manage your child's finances.
This is good advice -- and we'll consider it as we have our will updated. Currently, we have named a couple in our generation and have talked to them about the issue (of course). We've also separated the guardians from the inheritance dollars by naming a trustee who will make sure the kids are well-provided for (and reasonably provided for).
For other posts on this issue, see these links:
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