Minor children rely on their parents emotionally and financially, so having a last will and testament is important for parents.Since minor children cannot manage finances, courts appoint someone to be their guardian.In the event of unexpected death, you should name someone who can handle money and raise your children.If you don't leave a will or trust, your decisions about your child's care and inheritance will be in the hands of the state.
Step 1: Speak with the other parent of your child.
The two of you should decide who will be best to take care of your children's finances.It is recommended that you choose someone to be the guardian of your children as well as the one to handle their finances until they are 18.It doesn't have to be the same person.You and the other parent should be on the same page.If you are divorced or not on good terms with your child's other parent, they may not agree with you about who should be the guardian.If possible, parents choose a relative or close friend to be the guardian of their children.It is likely that children will be most comfortable living with someone they already have a close relationship with, such as a grandparent, aunt, or uncle.
Step 2: Consider the age, health, and location of potential guardians.
Whoever you appoint as guardian must know how to care for your children.The age, health and location of the potential guardian should be considered.If the guardian lives out of state, the child will have to relocate and make new friends after the loss of a parent.Consider the guardian's lifestyle and religion.You want to make sure that the person you choose raises your children in a way that you want them to be raised.Whatever that means to you personally, you should choose a guardian that is responsible.
Step 3: Act alone if necessary.
You can act without the other parent's help if they don't help you with raising your children.If the other parent is still alive, they may want to be named guardian of your children.If you don't want the other parent to have custody of your children, you need to name a different guardian.
Step 4: If you decide alone, document everything.
It is possible that the other parent could challenge the guardian if something happened to them.If this happens, the court will rely on your documentation regarding why you don't want the other parent to be the guardian.You need to give detailed information about why you don't want the other parent to be named guardian.Lack of a stable home for your children, mental or physical problems that could impede their care, alcohol or other substance abuse, and physical abuse are some of the reasons that the other parent should not be guardian.
Step 5: The guardian should be selected.
The person who will have physical custody of your children is called the guardian of the person.The court will not appoint a guardian unless it is in the best interests of the child, so choose someone who is up to the task.Although the court might appoint someone different than the person named in your will, it will not go against that choice unless the guardian will be unable to properly take care of the child.If the person to whom you want to leave is your same-sex partner, include a letter to the court explaining how he or she is a better choice than your blood relation.
Step 6: Before naming someone in your will, talk to the guardian.
Before you put your child's guardian in your will, make sure to speak with that person.The court won't force someone to serve as a guardian, so make sure the guardian is willing to do so before you formally name them.Explain to the potential guardian why you want them to raise your child in the event of something happening to you.Before the court appoints them as guardian, they will have to give certain information, including a criminal history.The guardian might have to go through an investigation by the court.An investigation doesn't mean that the guardian is more likely to be denied or that there are red flags.It is the court's policy to investigate everyone.Because the judgeentrusting the guardian with raising the child, he or she usually wants to check and make sure that they are able to do the job.
Step 7: Understand the responsibilities of the guardian.
The person who will have control over your child's finances and property is known as the guardian of the estate.You can either appoint someone else or appoint the same person as the guardian of the person.Many people appoint an attorney or accountant to be the guardian of the estate because they don't need to know the child well.
Step 8: Think about people you trust.
Once a guardian of the estate is appointed, that person will have the discretion to handle your child's finances and properties as they see fit, and any specific instructions that you put in your will regarding those assets.Regardless of what instructions you leave for the use of your child's assets, the guardian has a duty to handle the assets in the best interests of the child.You don't need to put any instructions in the will on how the property should be handled if you want to leave it to your children.
Step 9: The guardian of the estate should be paid.
The guardian of the estate usually handles your child's finances.The guardian of the estate is expected to pay for this.You don't have to specify how much the guardian should get, and you can leave the assets in the will.There are provisions in the states about how much a guardian is paid.The rules for your state can be found atestate.findlaw.com.
Step 10: The guardian of the estate should have control over all assets.
The guardian of the child's estate will have control over any benefits received from a life insurance policy because he will be named in the will as guardian.Ensure that the guardian is in control of any life insurance accounts where your child is listed as the beneficiary.As soon as the company is informed of your death, your beneficiaries should receive money from the life insurance policy.There is no process for renewing a life insurance policy.The guardian has the power to take possession of the money once it is given to the beneficiary.If you want to change the beneficiaries of your life insurance policy, you just have to contact it and tell them.
Step 11: A family trust can be considered as well.
When it comes to providing for children, a family trust is an option.A trust can save families money on estate and inheritance taxes.Depending on your situation, the correct option for your estate may be different.Since wills and trusts are complicated matters, consult with an attorney before making a decision.
Step 12: Understand community and common law property.
States fall into one of two categories when it comes to property that you can leave to a spouse.Community property and common law property are the categories.Half of a couple's estate accumulated during the marriage is owned by the spouse.It is not possible for the will to give away property that belongs to the spouse unless there is a pre-nuptial agreement.Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin are community property states.Alaskans can choose the community property system by signing an agreement.Every other state not listed above is a common law property state, where the person owns anything on which he or she is the sole signer for the deed, contract, or other ownership documents.The person can leave any of this property to someone else.
Step 13: Take superseding agreements into account.
There are various types of legal agreements that control where assets go after your death.A will doesn't cover these assets.If any previous agreements control the distribution of your property, it's time to create a will.
Step 14: Don't make any confusion by identifying yourself on the will.
Pick out your name, social security number and address.Ensuring that your will isn't confused with that of someone else who has the same name by placing identifying factors on it helps.You can include your date of birth to identify yourself.Provide a different form of ID, such as a driver's license or state issued ID number, if you don't have a social security number.
Step 15: Make a statement.
This will express your last wishes if you state that you are of sound mental health and of contractual capacity.It could be argued that your will is not legally viable without this important step.You may want to videotape the execution of the will to make sure that there are no future allegations of incapacity.Contact an attorney who can help you protect your will from being challenged.Unnatural dispositions include cutting your family out of the will, giving all of your assets to someone you have not known for a long time, and having someone inherit your money.You should include a statement to the effect of: "I declare that this is my last will and testament, and that I hereby cancel all wills and codicils previously made by me, either together or severally."
Step 16: Family details should be included.
If you leave part of your estate to a spouse, children or other family member, they should be named in your will.The spouse is referred to as my spouse if you include the following lines.I have children with first and last names as well as their dates of birth.
Step 17: A "personal representative" is a person who has been appointed as an executor.
The person will make sure your will is followed.If the first one is unable to perform the duties at the time of your death, you may want to name a second one.I hereby appoint the person's first and last name as the Executor.If this Executor is unwilling or unable to serve, I will appoint a backup Executor.
Step 18: The guardian should be given more power.
You authorize the guardian or guardian of your children to act in their best interest regarding how they are raised and the treatment of their assets.Tell us the name of the guardian and what they will do.There is no confusion if you label the person's guardian and estate guardian.The guardian of the estate can sell any real estate that you leave to your children, and you can open and handle bank accounts for your kids.
Step 19: Be careful with your assets.
The way in which your assets will be divided should add up to 100%.If you include provisions that clearly explain who gets a beneficiary's gift if that person dies before you, one line might read, "To my mother, Barbara Smith, I bequeath Five (5%) Percent."Barbara's gift will "lapse" and go back into the pot if you don't name an alternate to receive her gift.
Step 20: There are some gifts that should be included.
There are also gifts you can include in your will.The court will not enforce the conditions if they are against any other laws.You can condition a gift on the beneficiary graduating from college, but not on marrying someone that you want them to marry.
Step 21: There are specific assets for the state.
If you want a beneficiary to receive a specific asset, you may state that as well, and that asset will not be included in the percentages of your estate that is divided among other beneficiaries.One line may say, "To Barbara Smith, I give my house at 123 Cherry Lane and to ChaunceyGardner, 50% of the remainder."
Step 22: It's possible to be as specific as possible.
Make sure that you include any addresses of real estate, descriptions of any personal property, and full names of beneficiaries in your disposition.If your assets change after you write the will, you should either execute a new will or edit it.
Step 23: The will should be executed.
Signing the will in accordance with your state's legal rules is called Execution.It must be signed in the presence of two witnesses who will sign a statement asserting that you are of legal age and sound mind.Find out how the will should be signed in your state before you sign it.The validity of a will can be affected by how you and your witnesses sign it.Some of the state differences include whether you have to initial each page before the execution or not.In many states, adding text below your signature will not be included in your will.