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Do you have a will?

May seem silly for someone young, but worth it if you have children. Set up a trust to take care of them. Insurance is good to have even if just for $25,000. Not trying to be morbid just throwing out some advice from an old woman.

 
TwinkleLites

Asked by TwinkleLites at 1:12 AM on Apr. 10, 2011 in General Parenting

Level 13 (1,287 Credits)
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Answers (6)
  • Even if you were to write something down and sign and/or have it notarized it's better than NOTHING. Who would take care of your kids if you and your spouse suddenly died? My parents asked me this one day and I said them, and they said they'd be too old to take care of 4 young children. The thought never crossed my mind before that they were right...they couldn't keep up with our kids!

    CABlonde

    Answer by CABlonde at 1:17 AM on Apr. 10, 2011

  • Yes. We drew up our first will when we were 23 or 24, and revised it when we were 30.
    JulieJacobKyle

    Answer by JulieJacobKyle at 2:11 AM on Apr. 10, 2011

  • Nothing yet, but soon.
    shynu

    Answer by shynu at 1:27 AM on Apr. 10, 2011

  • I didnt think of it till I read this question
    christinahenry

    Answer by christinahenry at 2:09 AM on Apr. 10, 2011

  • I've been talking to my DH about this lately....I want my parents to take the kids if something happened to both of us...We just haven't gotten it written down yet.
    laird6372

    Answer by laird6372 at 7:51 AM on Apr. 10, 2011

  • When considering who gets your children, also consider how the payment for their care will be handled. A trust can be set up from the sale of your assets that is paid out in specific amounts per month based on inflation. It prevents anyone who cares for your child from spending it badly. The caregiver would have to show proof of how the money was spent. When the child reaches 18 they can receive a percentage amount thereafter up to a certain age. Mine was written that 10% of the total remaining estate was to given to the child every year until fully dispersed. Also a will divies up those things not jointly held by another. If you own a vehicle with your spouse and die the spouse gets the car. Grandparents do not automatically get grandchildren. The court will make decisions if you did not specify in a will. Simple wills also do not cover things that take care of small children.
    TwinkleLites

    Comment by TwinkleLites (original poster) at 11:02 PM on Apr. 10, 2011

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