Last Will and Testamont...

How to use a last will and testamont to benefit your children...

When there are minor children, a last will and testamont should always be used to name a guardian(s) of their persons and property. Alternates should also be named. This should not be done any other way. Of course, if there is a surviving parent, he/she automatically is guardian, if living in the same household.

In a divorce situation, the parent with legal custody of the child(ren) should designate a guardian. Understand, however, that if somebody besides the other parent is named in the last will and testamont, this designation might not be binding; when a custodial parent dies, the non-custodial parent always has priority in seeking guardianship and custody, unless unfit.

Be aware, too, that the court will probably have to approve the proposed guardian eventually, even if named in a last last will and testamont(unless he/she is the surviving parent, in the same household). The purpose of the last last will and testamont in this regard, though, is to guide the court, and to avoid family arguments over who is better qualified.

If you feel it is necessary or appropriate, two guardians can be appointed - one over the child himself, and one (presumably experienced) over the child’s property. Consider carefully, however, the appropriateness of leaving money or other property outright to young children, even if a qualified guardian is available. Guardianship is a cumbersome way to manage financial affairs. Periodic reports and accounting to the court are required, and flexibility is limited by law.

More important, for many, is that guardianship ends at the age of legal adulthood (usually 18, sometimes 21). From then on, any property left to a child, in the last will and testamont, is exclusively owned and controlled by him/her. People easily recognize that it is bad to die intestate, unintentionally leaving half (or more) of everything to small children. Sometimes they forget it might be no better to die with a will if it allows the same result, i.e., leaving property to minor children. That is often what happens when both parents die prematurely. With or without a last last will and testamont your children grow up to be 18 year old boys and girls, at which time the guardian must turn over the money (or other property).

F.Y.I. Guardians are not legally obligated to support the decedent's children out of their own pockets, and might not be able to, anyway, even if everything is left to them. Public welfare benefits might be available, but it is unwise to rely on them as a first option. So adequate funds, through life insurance or otherwise, should be available to care for your Children.

Now for further information on the different ways a last will and testamont can be used as well as trusts have a look at the following pages

Here are the list of different issues with Wills.

Also have a look at the pages on Trusts

Here are the list of different trusts.

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