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Where There's a Will...
Safeguarding Your Child's Future
By Melissa Granberry
"It is hard to choose a guardian, because no one can parent the same way you do," says Amy Johnson*, a mother of two in Virginia. "There can be no perfect fit." Regarding selecting a guardian, her husband says, "Our chief criteria in order of importance is values, family tie, financial and location."
"When you create a will, you get to set the parameters," Odenheimer says. "You can decide how the children are going to be raised and who is going to raise them. It is much better to make those choices in advance, then have people fighting over them when you are gone."
Executor
The executor (in some states called personal representative) is the person who looks after your estate when you die. Usually, the person designated is the spouse. If both husband and wife die, then someone should be designated to manage the money. So who should you appoint in this role?
Kotzer recommends someone close to the same age (or younger) as you. "It doesn't make a lot of sense to appoint your mother, who is 30 years older than you," he says. "You could do it, but you would also need to have a backup."
He also suggests you discuss the role with the person you choose. Do they want to do it? Are they good at handling money?
And finally, Kotzer says, keep the executor and guardian separate. "Have two different people be designated as executor and guardian so that there will be checks and balances," he says.
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