Merrill Lynch found in a recent study that nearly half of Americans over 55 don’t have a will. A will is important because it allows you to dictate and control what happens to your assets upon your death. If you don’t have a will, the state you’re living in will dictate what happens to your assets.
A will allows you to appoint the person you trust to manage and control the administration of your estate and carry out the wishes you set forth in your will
Q: What happens to minor kids if, for example, there is a disaster that kills both parents?
If there are competing relatives who believe they’re the best candidates to nurture and bring up the children, there might be a court battle. That’s also why guardians for your minor children are very important to include within the four corners of your will, allowing you to dictate prior to death what should happen in those catastrophic circumstances.
If you have numerous siblings, or for instance, a husband and wife each have a set of siblings, it’s a way to avoid family disputes as to what happens in that tragic circumstance where the wife’s siblings might feel like they’re the best candidates to bring the kids up or move them out of state. The husband’s siblings or the grandparents might also compete for the minor children. When you have a young family, it’s very important to include those provisions to protect and give your surviving children the best environment in which to be brought up and educated and nurtured.
