Who Will Be Their Guardian?
If you are like most people today, you do not have a will. The reasons for this failure are many, with the most common being along the lines of "I don't have enough assets to worry about", "I don't know how to write a will", or "Lawyers charge a lot of money".
Here's my answer to the last two - buy a software package that helps you draw up your own will and follow the forms. This software will ask you a series of questions and you supply the answers. When you are done, you have a piece of paper ready to be signed; witnessed and placed somewhere it can be found in the event you die.
As for your lack of asset objection, that might be true if you live in a cardboard box, with only the clothes on your back, as the last surviving member of your family. If this does not describe you, than you do have assets and you really should make preparations for dispersing them when you die.
As you can tell from the title, this is not about your will except to relate as to why everyone should have one. Instead, this writing is about your children. If you are childless, keep reading because someday you may have children. If you know you will never have children, keep reading because someday you may be able to use what you learned here in a discussion with someone who has children.
The biggest reason everyone who has children must have a will is because of the children's guardian. Essentially, a guardianship is an institution created and administered by the court, making the guardian a court-appointee. However, when you name someone to be a guardian in your will, you make it difficult for someone else to be appointed. If you don't name a guardian, a judge will decide who will raise and nurture your children. Most likely, this judge does not know your family, nor does the judge really have the capability to know if any of your extended family members can properly raise your child.
It is impossible to stress how important it is for parents who die early to find the right people for the guardianship job. They will be responsible for the upbringing of your children. You should definitely consider things like parenting skills, values, physical environment (apartment/farm), and religion.
Two important questions to ask (and the answers):
1. What if the best person to bring up your child physically is not the best manager of money? While you are planning your will and your children's guardian, you can also plan to separate the functions of guardianship. To do so, you first write your will appointing a "guardian of the person" who will care for your children physically. Then, also in your will, you name the person whom you appoint to be the "guardian of the estate". This person's job is to dole out the resources so that your children are not a burden on the person or family taking care of them.
2. What if the guardian you select is over flowing with love and values, but scrape the bottom of the barrel each month to feed their own children? Everyone knows that you do certainly do not intend to add your children to theirs and cause them undue hardship. This leaves only one real solution.
Provide adequate financial resources for the guardian to properly care for your children. At the least, you should provide enough cash resources to feed and cloth your children each month until they complete high-school. Many parents also make an effort to provide the resources for their children to be able to go to college.
Most likely your own asset chart is a little short for providing the amount of cash your children will need or you want to provide after your death, consider using life insurance. Term life insurance to be paid into a trust is relatively inexpensive during the years your children are at home.
If you are leaving a trust with a significant sum of money, you may want to appoint a "guardian of the estate" to handle the finances separate from the "guardian of the person". This can remove the obvious temptation if someday the guardian encounters personal finance difficulties.
The estate guardian and the person guardian must be able to get along, so it is important you pick the right people for these positions. Even more important is that if you do die early, your child will be brought up in a loving, nurturing home you have chosen.
After all, you wouldn't go through the difficult issues of estate planning and guardian picking if you didn't want the best for your children. That best includes you making out a will, and doing it as early as tomorrow.
Roger Sorensen is a Financial Speaker and Author and the editor of Money Basics - The Newsletter found online at the website Slave2Work.com. You can contact him through the website, read articles he has written and find his most recent book "You Don't Own Money 2nd Edition" at the http://www.Slave2Work.com Bookstore - Roger Sorensen is a Financial Speaker and Author and the editor of Money Basics - The Newsletter found online at the website http://www.Slave2Work.com You can contact him through the website, read articles he has written and find his most recent book "You Don't Own Money 2nd Edition" at the Slave2Work.com Bookstore - http://www.slave2work.com/products/ematerials/ebooks/ydom2ebook.html
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news
'GMA' Christmas cookie showdown: Viewers' favorite holiday cookie recipes from across the US - ABC News
Are You Meeting ALL Your Childs Basic Needs?
This may come as a surprise, but many parents are unaware ofthe full extent of their child's basic needs.Do you remember the old song by Lennon and McCartney aboutthe girl leaving home after 'living alone for so manyyears'? The parents were desolate.
Teenagers and Stress: What Parents Can Do to Help
More and more parents are expressing their concerns about how to support their teenagers who are complaining about the stress in their lives.What parents may not realize, is that what they do every day by providing healthy food, support, and a comforting home, provides the very stress-antidotes their teens need.
EEG Biofeedback Training as a Treatment Option for ADHD
The popularity of EEG Biofeedback Training continues to grow both in the USA and around the world. Many parents are searching for treatment options for ADHD other than medications, and as a results are exploring this high tech approach to treatment.
When we consider that the word allowance means, "allowing for," it puts that "A" word into better perspective.Children will need access to their own stash of cash when they reach a certain age.
Crazy Colors Fun Kid Experiment as a Party Activity
Here is an easy, inexpensive and fun kid experiment for your next kid birthday party.This activity, which is strictly speaking a kid science experiment, can be used in any party as entertainment.
Keeping Your Children Safe
The purpose of this article is to address some of the key points parents need to know in order to keep their children safe.Let them know who can help them:When I was an officer I participated in something called "Safty Town".
Dads - What Family Legacy Are You Passing On to Your Children?
Do you want to create a deeper, more loving relationship with your child?To begin, you can learn from your own father:Whether you consider him to have been a good father or not, you can use your experience to become a better parent to YOUR children.Patterns of behavior are often passed on unconsciously from one generation to the next.
Sometimes Our Childrens Questions Answer Our Own
I was changing Ford's diaper the other day when he asked, "Mom, will we always have Tanner?"Tanner is the family dog, and at twelve-years old, her health is quickly deteriorating."No, Ford," I said gently, "we won't always have Tanner.
A Quiz for Parents: What Are They REALLY Learning?
Picture this. Your child comes home with a special assignment from school.
Develop Your Childs Genius: Training Your Child for Success
This time, I would like to talk about a subject that is appropriate for every age group out there. Even we, parents, can benefit from this, we can develop success skills together with our children.
Develop Your Childs Genius: The King of Games - the Game of Kings
Many people still think that the game of chess is appropriate for old people. In their mind's eye, they see 2 elderly people sitting across from each other in the park, playing a game of chess.
Raising A High Maintenance Child
Do you have a high maintenance child?"Thank goodness my second child wasn't born first. I would have stopped at one child if he was my first," said a mother at a recent parenting seminar.
15 New Years and Holiday Resolutions For Parents
Have you made your usual New Year resolutions? You know the resolutions where you turn over a new leaf to get fit, steer away from junk food and start a savings plan. While you are reflecting on past bad habits and setting new directions for your personal life consider taking stock of your parenting as well.
Top Ten Things Parents Must Know About State Academic Standards (What Your Child s/b Learning)
Public education in the United States has never been equal for all students. It appears that those school districts located in wealthy communities have a bit more resources than those in poorer communities.
From Good to GREAT: Secrets On Becoming A Better Dad
While most fathers aspire to become the best Dads they can, all too often life just seems to get in the way. Missed soccer games and bedtime stories, always "In a minute" or "Later" when asked to play.
Tools to Find Family-Friendly Content
The Internet, is magnificent in its resources for families. Educational resources abound.
The Effects of Televised Sexual Content on Adolescents
According to a September 2004 study by the RAND Corporation, "Adolescents who watch large amounts of television containing sexual content are twice as likely to begin engaging in sexual intercourse in the following year as their peers who watch little such TV." In addition, the National Institutes of Health-funded study found that these children's sexual behavior was akin to those adolescents who were 9 to 17 months older, but who watched only average amounts of TV with sexual content.
New Mom...New Baby...New Debt?
Ah, there is nothing like being an expectant mom. Along with your expanding waistline comes the ever growing list of products for you and your new bundle of joy.
Encouraging Your Child to Write
How in the world do you get your child to write? This is the battle cry of many parents. A lot of imagination, with a little bribery (or praise) is all you need to get your child writing.
The Importance of Mothers
Moms, did you ever question your value as a role model, caretaker, administer of hugs and Band-Aids? I think we all have in today's climate of "do more, get more, have more." Many of us work to bring home a paycheck and others work for our sanity.
|home | site map|