Are You Married With Kids And No Living Will? What To Do Today
If you are an adult with children and you and your spouse have no living will, this is a risk. You don't want everything that you would want if something happened to the two of you to go without being acknowledged or abided by because you didn't have anything documented legally.
You want to find a lawyer that can get this completed for you right away. When you go you want to take all your financial details and information, along with details about your life insurance policy. Discuss these important things.
Trusts for Your Children
You don't just want to leave large sums of money or assets to your children. They will have to pay a substantial amount of tax on this, which negates the purpose of leaving them what you worked so hard for.
Instead, you want to set up trusts for children. This is something that the attorney can help you do, and this will eliminate confusion at your time of death and help your children reduce the amount of tax they have to pay when they utilize the trust. This is easy to do and should be done before the will is completed.
You want to have the arrangements for your funeral, memorial, or whatever you choose already documented in the will. This eliminates your children or loved ones from having to make any plans, set any budgets, or make decisions upon your death. You also will be able to factor in how you want to pay for it.
Medical Power of Attorney
Determine who you want to be your medical power of attorney. This is the person who makes sure that a DNR is abided by, or who makes medical decisions if you aren't conscious or able to do so. You don't want people you love fighting over who gets to make these decisions in an emergency.
Child Custody Details
Guardianship of the children is going to be a main topic. The lawyer will not only detail who you want to care for the children but also set up trusts and details without money left behind for the children will be handled. You may want to retain the lawyer for future use if you want someone managing the money left behind for the kids.
You don't want to leave anything to chance if something happens to you. Find a will and trust attorney and get your will started today. This way you and your spouse know you're protected.
For more information, contact a local will planning attorney.