Have you ever thought about what would happen to your minor children if you died without a Will? Many young families do not think about the consequences of such a tragedy. We all assume that we will live forever into our golden years, all the while running the risk that our children may become wards of the state.
At the very least, every couple should have a Will in place when they start a family. A Will provides provisions for who would take legal responsibility and care for your children should such an unthinkable tragedy occur. Without that, the grandparents may fight each other in court for guardianship. A Will provides clear directions as to whom you would trust and rely upon to love and care for your child in the event of your untimely death. Children do not have any say about who they want to be their guardian to take care of them until they are in their teens. So just imagine if your child were put with a stranger, with a family member you did not trust, or worst yet, one that lived far away from where your child has established friends, only to ripped away in the midst of tragedy.
Guardianship proceedings are costly and emotional. When a guardian is appointed by a Court, the Court can require the guardian to make periodic reports back to the Court. All of this can easily be avoid by setting forth the guardianship provision for your children in your Will.
And did you know, that any assets that your child would inherit would be held in Trust by the Court until the minor reached age 18, at which time all of the assets would be turned over directly to your child! No one would be able to access those assets to use them for your child’s needs. When you die without a Will, there are no options left for your family. They have to follow the plan that the State has for your assets and estate.
You can have great peace of mind in knowing that should something unpredictable happen, a Guardian can access money from your estate to provide for your children, and your children will not be at the center of a controversy amidst the grief and heartache they are already suffering by losing their parents. Call to schedule an appointment or to register for an educational seminar with Thomas Walters, PLLC.