The inheritance for children issue is one that parents often wait to handle, which could be a mistake. When there is no will present, even for the smallest of assets, the state and government can take those assets and leave children and other ancestors with nothing. Make sure your intentions are known legally so that they can be followed as you desire.
Inheritance laws differ
from state to state. Find out what yours are and review some sample
valid wills. Visit websites like Legal Zoom to see about kits that are
available that can be purchased. Consider using a paralegal service or
low cost attorney service in your area to help you construct the will.
your significant assets and determine which property will be included
in the will. Each spouse needs to make a separate will. You can leave
your share of joint assets with your spouse.
Decide the Inheritance
a will statement. Decide which items will go to whom. Choose alternate,
or contingent beneficiaries, in case the first choices you designated
do not survive you.
Assign an Executor
A will must
name a designated executor. This person will carry out all of the terms
of your will. Be certain that you trust this person to carry out your
intentions and that they are willing to do it.
a person to be a guardian for your children if they are under 18. This
should be someone who agrees to do it, is able to do it and that you
trust to do it sufficiently.
Choose a Manager
and choose a person to manage the estate of your children if under 18.
Make this person a property guardian, custodian or trustee to give them
the authority over your children's inheritance.
Execute the Will
Arrange to sign the will in front of two witnesses and have them sign in front of a notary.
Store the Will
everyone concerned where the will is and how to get access to it. Store
it safely and have an electronic version of it available as a backup
with information on where the original is located.
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