WHAT HAPPENS IF YOU DIE WITHOUT A WILL & HAVE YOUNG CHILDREN
Here is something else to consider: If any of your children are under 18 years of age at your death, a court appointed guardian will be required to manage your minor child=s share of your assets. Although the court probably would appoint your spouse as guardian of the property for your minor children, this is not guaranteed. Also, the guardian may have to post a bond. Payment of the bond premiums will cost money and if any portion of your assets are needed to pay for your child's education, clothing or living costs, approval of the court is necessary. The court also requires guardians to file annual accountings of income and expenses. In addition, the range of investments available for the funds held by the guardian may be limited. As a result if the guardianship lasts for any length of time, the child=s funds may not grow at an acceptable pace. These problems can be avoided with a properly drafted Will.
If you and your spouse die at or about the same time, it is important that you make a provision not only for a guardian of the property of any child under age 18 but also and perhaps more importantly that you name a guardian of the person for each minor child. A guardian of he person is given custody of the child during minority. While the designation in your Will is subject to the review and confirmation by the court, the court will usually give deference to your wishes. Thus, with a property drafted Will you can provide guidance to the court on who you desire to be the guardian of your minor children
P r e v i o u s P a g e