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Where There's a Will...
Safeguarding Your Child's Future
By Melissa Granberry
No one wants to think about writing a will, much less dying. But it is something that all people, especially parents, need to confront in order to ensure the well-being of their children in the event of their deaths.
"People should not be afraid of creating a will," says Les Kotzer (www.familyfight.com), family estate attorney and co-author of the book The Family Fight: Planning to Avoid It. "There is a misconception out there that a will is a complex thing that only applies to wealthy people, and that's not true."
If you're a young family, you may not feel that you have much to leave behind except debt, but you may be overlooking your biggest asset: life insurance. "Most young parents have life insurance policies, especially if they are employed," says Larry Lipiec, a wills attorney. "If the parents die without a will, the government will manage the inheritance for a fee. The children then receive the money when they reach the age of majority, which is 18 in most states."
Just think, how would you feel about your son receiving all of your life insurance money for his 18th birthday? Would he continue his plans to study at your alma mater, or would he purchase an expensive sports car and take off to see the country? Imagine your parents in court explaining to a judge why they should be raising your children instead of your in-laws. Without a will, these are situations that could happen if both parents were to die.
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