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October 17, 2002
Don't Put off Writing a Will
A stunning 74% of parents with minor children don't have a will, according to a recent survey by LegalZoom.com. Nearly one-third of those parents said they had never even thought about drafting one. That's a lot of kids who aren't provided for should anything happen to their parents.
And I'm not just talking about being provided for financially. For parents of minor children, the single most important reason for making a will is to name a guardian for the kids. Don't put off writing a will because it sounds like a downer -- a way to dispose of your assets after death. Think of it instead as a way to protect your most precious assets.
Many parents rely on informal arrangements -- "My sister has agreed to take care of our children in case something happens to us." But an ad hoc relationship doesn't have the legal standing of a formal guardianship. Most jurisdictions insist on legal guardianship before an adult can enroll a child in school, obtain nonemergency medical care, or include a child on his or her health-insurance plan.
If both you and your spouse should die without formally naming a guardian, the courts will decide who's going to bring up your kids. And you can't count on your wishes being honored. A judge could choose the one relative you wouldn't want.
Even worse, a family battle could ensue. Suppose your husband's brother thinks he'd be an even better guardian than your sister. In the absence of a will naming one or the other, both could make a claim. The cost of a court fight would come out of your estate -- that is, your kids' pockets.
Avoid potential hassles by naming a guardian in your will. You should choose as the "guardian of the person" someone who shares your family values and philosophy of child rearing.
Because a minor can't own much property without supervision -- usually not more than $5,000 -- you should also name a "guardian of the property" who would manage any assets your children might have. You may choose the same person for each role, or select someone with more financial acumen as the property guardian.
In addition to your will, don't be shy about leaving a letter or tape on which you give detailed instructions about how you want your children to be brought up.
Next week: Advice on how to select a guardian.
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