Lawyer - Who'll Be Their Guardian?...

If you are like most people today, you do not have a will. Thereasons for this failure are many, with the most common being alongthe lines of "I don't have enough assets to worry about", "I don'tknow how to write a will", or "Lawyers charge a lot of money".

Here's my answer to the last two - buy a software package that helpsyou draw up your own will and follow the forms. This software willask you a series of questions and you supply the answers. When youare done, you have a piece of paper ready to be signed; witnessed andplaced somewhere it can be found in the event you die.

As for your lack of asset objection, that might be true if you livein a cardboard box, with only the clothes on your back, as the lastsurviving member of your family. If this does not describe you, thanyou do have assets and you really should make preparations fordispersing them when you die.

As you can tell from the title, this is not about your will exceptto relate as to why everyone should have one. Instead, this writingis about your children. If you are childless, keep reading becausesomeday you may have children. If you know you will never havechildren, keep reading because someday you may be able to use whatyou learned here in a discussion with someone who has children.The biggest reason everyone who has children must have a will isbecause of the children's guardian. Essentially, a guardianship is aninstitution created and administered by the court, making theguardian a court-appointee. However, when you name someone to be aguardian in your will, you make it difficult for someone else to beappointed. If you don't name a guardian, a judge will decide who willraise and nurture your children. Most likely, this judge does notknow your family, nor does the judge really have the capability toknow if any of your extended family members can properly raise yourchild.

It is impossible to stress how important it is for parents who dieearly to find the right people for the guardianship job. They will beresponsible for the upbringing of your children. You shoulddefinitely consider things like parenting skills, values, physicalenvironment (apartment/farm), and religion.

1. What if the best person to bring up your child physically is notthe best manager of money? While you are planning your will and yourchildren's guardian, you can also plan to separate the functions ofguardianship. To do so, you first write your will appointing a"guardian of the person" who will care for your children physically.Then, also in your will, you name the person whom you appoint to bethe "guardian of the estate". This person's job is to dole out theresources so that your children are not a burden on the person orfamily taking care of them.

2. What if the guardian you select is over flowing with love andvalues, but scrape the bottom of the barrel each month to feed theirown children? Everyone knows that you do certainly do not intend toadd your children to theirs and cause them undue hardship. Thisleaves only one real solution.

Provide adequate financial resources for the guardian to properlycare for your children. At the least, you should provide enough cashresources to feed and cloth your children each month until theycomplete high-school. Many parents also make an effort to provide theresources for their children to be able to go to college.

Most likely your own asset chart is a little short for providing theamount of cash your children will need or you want to provide afteryour death, consider using life insurance. Term life insurance to bepaid into a trust is relatively inexpensive during the years yourchildren are at home.

If you are leaving a trust with a significant sum of money, you maywant to appoint a "guardian of the estate" to handle the financesseparate from the "guardian of the person". This can remove theobvious temptation if someday the guardian encounters personalfinance difficulties.

The estate guardian and the person guardian must be able to getalong, so it is important you pick the right people for thesepositions. Even more important is that if you do die early, yourchild will be brought up in a loving, nurturing home you have chosen.After all, you wouldn't go through the difficult issues of estateplanning and guardian picking if you didn't want the best for yourchildren. That best includes you making out a will, and doing it asearly as tomorrow.

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