Parents with minor kids need to set up four things immediately: a will naming a guardian, beneficiary designations with a trust for assets they'd receive as minors, an advance directive for medical decisions, and a durable power of attorney for finances. Without these, courts decide who raises your kids and manages their money.
If you have minor kids at home, you must do the following things now, not next year. I said now, buttercup. First, create a will or a trust and make sure you name a guardian for your child. If you don't do this and something happens to you and your spouse, a judge will end up making that decision. Next, name your children as secondary beneficiaries on all of your accounts and policies. If they're minors when they receive this money, it will have to go into a trust until they reach the age of majority. Next, create your advanced directive or living will. This is where you indicate how you want those end-of-life care decisions to be made. Next, create a Durable financial power of attorney. If you or you and your spouse become incapacitated, this will make sure your family is taken care of financially. There's more, but this is the absolute minimum you must take care of now if you have minor children.
comment workshop.free still need plan to keep people out of court. learn how to in less than an hour
