Why do you need a will?

In simplest terms, a will should provide you with the peace of mind that your wishes
regarding your family and property are clearly documented to provide guidance and
protection for your loved ones in the event of your death.
For families with minor children, preparing a will is the best way to name who you
want to look after your child’s interests if you cannot. In this scenario, the will
should:
1. Name legal guardian(s) for your child and
2. Name someone to manage their property

My goal is to assist you in preparing a document that accomplishes these basic goals
while providing solutions to common estate planning concerns. Estate planning, for
our purposes, means arranging for the most efficient and economical transfer of
your property and handling of your estate upon your death.

Naming a legal guardian for your child

The thought of leaving a child alone in the world is an unsettling one for any parent,
but it needs to be considered. This is a deeply personal and emotional decision, and
it also represents one of the most important aspects of a client’s estate plan. My job
is to facilitate the process of selecting a guardian by providing you with as much
information as possible.

When choosing a guardian, you will want to choose the most caring, competent
person to raise your child in your absence. The guardian of a minor child fulfills the
role of a substitute parent and maintains physical and legal custody of the child. You
will want to consider, among other factors, the child’s age, ability and willingness of
the guardian to serve, religion/moral values/child-rearing philosophy of the
guardian and the make-up of the guardian’s own family.

Naming a person to manage your child’s property

Creating a will also ensures that in the event you and your spouse should die, a
responsible person will manage your child’s finances. The basic legal rule is that
minors cannot legally own property (including cash) outright, free of adult
supervision, beyond a minimal amount (about $2,500 to $5,000, depending on the
state). If this is not specified in your will, a judge will appoint a property guardian
for your child in an expensive, public, and time-consuming court process. The cost
would come out of your children’s property and the court will supervise, on an on
going basis, how the court-appointed property guardian manages and spends the
money.

As part of naming a property guardian, you can choose any of the following options:

1. Name a guardian of the minor’s estate
2. Create a testamentary trust
3. Name a custodian under the Uniform Transfers to Minors Act (UTMA)

If and when you hire me to create your will, we can discuss the different
methods and choose the method you feel most comfortable with.