Most people don’t want to think about their own demise. For parents with young children it can be emotionally draining to think about kids growing up without guidance or their parents in their lives.
This feeling underscores how important it is to plan who will take care of your children if you pass away unexpectedly. Doubly so if you are a single parent. Even if you are married and your spouse is able to care for your children, you need a will in the event you both pass away. With our without children, you also need a will to ensure all your assets are passed on easily and appropriately.
What Happens if I Die Without a Will?
If you die without a last will and testament the state will use intestacy laws to determine how your assets are divided. If your spouse has also died or you are a single parent, the court determines who becomes guardians of your children. These are uncomfortable, even frightening things to think about. That is why it is important to prepare a will that addresses these issues.
Depending on the complexity of your estate you also need other items such as a durable power of attorney, or even a living trust.
What Should I Put In My Will?
The first item that a will should address is who will care for your children. Your will should first declare your spouse shall have sole custody if you pass away and then name a guardian if both you and your spouse are dead. If you are a single parent, in addition naming a guardian you ideally want to create a trust for them. A trust, unlike a will, can distribute assets over time and with specific stipulations to help take care of your children without burdening them or creating undue opportunities for other parties to take those assets.
It is important to think carefully about who to name as the guardian of your children. The person you choose should be physically and emotionally able to handle raising your children and your children should have some form of connection to them. It is also wise to name an alternative guardian in case the first choice cannot take on the duties or precedes you in death. It is best to talk to the people you are thinking of naming to ensure they are willing to accept the responsibility.
Declaring Assets
The second item that your will should address is how to deal with your assets. This is another area where the best option is to declare that all your assets shall be given to your spouse if they are living. In some states if you die without a will, your assets are split between your spouse and your children. Your spouse would then have to involve the probate court to spend any of the children’s assets unless they are of age. Your will should then name a custodian of your assets if you and your spouse are both dead.
As mentioned before, single parents are best off creating a trust that leaves everything to the child(ren) by name. A custodian can be, but does not have to be, the same person as the guardian. Some people think it is easier to have the guardian also be the custodian so they can use your assets to pay for your children’s expenses. However, others prefer to have a separate custodian especially if the guardian is not good with money.
The drawback to a split arrangement is that the guardian will have to seek approval from the custodian to use the funds, which can cause delays and problems. Your will should also designate at what age you wish your children to have control of their inheritance. By default this is 18 but most teenagers are not mature enough to handle a sizeable inheritance. Frequently, 25 is suggested as a more financially competent age, but every situation is different.
Get Started
Contact Clear Counsel Law Group to discuss your estate planning needs, especially if you have young children. We can help you prepare simple documents that will give you peace of mind about your family’s future if you pass away.