Who Needs a Will – Married with Children

Married couples with children have issues that only a written Will can handle.

Without a Will, the surviving spouse does not inherit the entire probate estate.  If the children are minors, the children’s share of the estate goes into a Court-ordered trust, the Court controls the spending of the trust money, and the money is given to the child as each turns age 18.

If both parents die without a Will, the Court has no guidance on who should be the Guardian for their minor children or who should be the Trustee for the children’s money.  Again, the trust money would be given to each child as each turns age 18.

A written Will allows you to leave the entire estate to your surviving spouse, name a Guardian and Trustee for your minor children, and hold the assets in trust to a more mature age than 18.  It also enables you to set the terms of the children’s trust to promote important goals for their health, education and welfare.

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By | 2016-12-13T09:14:14+00:00 May 8th, 2014|Top Legal Tips|0 Comments