Who Gets The Kids When I Die?

The most important reason to prepare a Last Will & Testament, particularly for young couples, is the peace of mind of knowing that your children will be brought up by people you designate. In the normal situation the guardianship of your children will not be determined until the death of the second parent. If your spouse is alive at the time of your death, then obviously, your spouse will raise your children. Should you and your spouse die together, or should your spouse predecease you, and then you die, a guardian must be appointed for your children. There are two types of guardianship, one for the person who will raise your children, and the second for a Trustee of the money you leave your children. Although they might be the same person, it is not required. In estates with large amounts of money, a bank might be a Trustee or Co-Trustee to insure that the money is spent only for the care of your children.

In the situation where both parents are deceased, the ultimate decision of guardianship is made by the Circuit Court of the County in which the children reside at the time of your death. Children aren't property. You can't pass on their custody to anyone. You can only recommend that the Court appoint the guardian you prefer. You have input into the Court's decision through your Last Will and Testament. The court will normally give first consideration to those people you name in your Last Will and Testament as guardian of your children.

In cases of divorced parents, should the custodial parent die, then the surviving natural parent, with or without your consent, will normally be granted guardianship of the children of the parties. It is a rare situation where the Court will appoint a guardian other than a natural parent who is still alive. The same is true in cases of divorced parents where the custodial parent has remarried and then subsequently dies. Unless the step-parent has adopted the child, the Court will normally give first consideration to the natural parent. In this situation, appointing a separate guardian of the money of the child is advisable. It is essential that a Lawyer be consulted when preparing a Last will and Testament, particularly if you desire someone other than your ex-spouse to be guardian.

In considering a guardian for your children there are may factors to consider: age and health of the potential guardian, resources, character and values, personalities, geography. You should always check with the potential guardian to insure that they want this tremendous responsibility. It is imperative that parents living together agree on the choice of guardian. If one parent names someone from his family and the other someone from hers, a nasty fight is almost inevitable. Although the children's grandparents may be willing to accept responsibility of raising the children, they might lack the health or energy for the job later on. Most parents look toward their brothers and sisters as potential guardians. In naming a guardian you should consider naming only one guardian, that is, your sister rather than your sister and her husband. The reason is that joint guardianship can create problems if the couple should separate. If things work out they can always adopt the child.

Take time to give thought to a guardian for your children. List the pros and cons of each candidate. After making a decision, consult your attorney, hopefully me, for the preparation of the appropriate documents. Enjoy the satisfaction of knowing your children will always have a home.

Steven J. Scheinin
Attorney at Law
305 W. Chesapeake Avenue
Suite 107
Towson, Maryland 21204
410-828-9363

http://www.scheinin.com

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The Importance Of Making A Will

Making a will isn't on anyone's top ten lists of enjoyable things to do at the weekend. But it's a necessary task if we want to make sure the right things go to the right people when we die.

Not everyone will have a complicated will - some people find theirs is an easy task to undertake, if they simply want to leave everything to their husband, wife or civil partner, for example.

It's always advisable to enlist the help of a professional to help you with your will, as they will be able to ensure it is done in the correct manner as recognised by law. This is recommended however simple you think your will is to write. The last thing you want is to cause your family any undue distress by not following the correct procedures. Paying a small fee now to have your will written for you could just save you (or rather your family) thousands of pounds later on.

Inheritance tax is well known for being difficult to understand. A professional will be able to advise you of the possible consequences of what you would like to do with your assets, to ensure you distribute your money and property in the best way possible.

However before you decide to make your will it's a good idea to find out more about inheritance planning. This is essentially learning about the best ways to distribute your wealth after your death, to ensure your beneficiaries pay as little inheritance tax as possible - and ideally none at all.

Unfortunately many people think that making a will is a five minute job - they simply need to make a statement to the effect that they are leaving everything to one person. But that person may be in for a nasty surprise if you haven't taken proper advice - especially if they are not your legal next of kin. Even if the will is not challenged the inheritance tax could kick in and leave them with a large bill to pay.

Before you visit a professional to get some advice, it's a good idea to make a comprehensive list of everything you own. Trying to remember it all off the top of your head is virtually impossible, and by making a list you will have a far better idea of the total value of your assets: it's usually a lot more than most people think it will be. Don't forget to add valuable possessions such as jewellery, paintings and any heirlooms that have been passed down to you.

Making a will isn't a joyful experience, but it is a necessary one if you want to make sure your assets go to the right people after you are gone. Taking some time to make one now will give you peace of mind in the future.

Disclaimer:

This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.

Andrew Regan is an online, freelance author from Scotland. He is a keen rugby player and enjoys travelling.

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