If you are the parent of a minor child or minor children, having a will in place is essential. With a properly drafted will, you can accomplish all of the following:
Name a Guardian
1. Your will designates your preference for guardians of your minor children.
Name a Personal Representative
2. Your will names a personal representative (also known as an executor) who will be in charge of your estate upon your death.
Control the Distribution of Your Children’s Inheritance
3. Your will can establish testamentary trusts for your children to ensure they do not inherit your assets outright at age 18. To fully accomplish this objective, it is essential that all of your beneficiary designations are consistent with your will and do not name your children, individually, as direct beneficiaries.
Name a Trustee
4. Your will can name a trustee of the testamentary trusts established for your children who will be in charge of managing and distributing trust assets until each child reaches a designated age. This person may or may not be the same person who is designated as the guardian of your minor children.
Make Important Decisions in Advance so a Court Doesn’t Have to Decide for You
5. If you don’t have a will, then upon your death the guardianship of your children and the distribution and management of your estate will be determined by the laws of the State of Wisconsin, through the courts.
Source: New feed