3 Reasons to Have A Will if You Have Children
You may have heard that having a will is important, but it's extremely important if you have children. In today's blog, our attorneys at the Lake of the Ozarks are going to tell you why.
Establishing a conservator for your child is a must. The law doesn't permit a minor to assume legal control over property left to them in a will. If you and your spouse die at the same or your spouse can't be trusted to manage your child's finances, you should name a conservator. Your designated conservator will be responsible for managing your child's finances with honesty and integrity to ensure the child's reasonable needs are met. Be sure to pick someone with integrity and common sense.
If you die and your child does not have another suitable parent to care for him/her, the court will have to appoint a guardian. If you want to have a say on who raises your child, if you die before the child is able to care for himself, name a guardian in your will. This will help tremendously, especially if your family members disagree on who should raise your child if you pass away untimely.
When you pass away, you may want to leave your possessions or property to your child. Are you splitting it evenly? Having a will allows you to designate who gets what specifically. For example, let's say you have a large farm that you'd like to leave behind to your child. You can specify in your will, which child get the farm or if all get it, you can specify you want to it left to them all equally.
Please note that a will alone doesn't always provide enough planning to cover everything. If you have a substantial estate you may want to avoid probate or if you have a child with special needs you may consider setting up a trust. You also might consider having life insurance. Life insurance can cover huge expenses you haven't paid off yet, such as mortgages or auto loans. It also can cover your funeral expenses, taking the financial burden off of your loved ones. If you need assistance drafting your will, call our law office at the Lake of the Ozarks. We have evening and weekend appointments available.
Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.
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1. You can name a conservator to manage your child's assets and finances.
2. You can have a say in who will care for your child.
3. You can decide which child will get what.
Please note that a will alone doesn't always provide enough planning to cover everything. If you have a substantial estate you may want to avoid probate or if you have a child with special needs you may consider setting up a trust. You also might consider having life insurance. Life insurance can cover huge expenses you haven't paid off yet, such as mortgages or auto loans. It also can cover your funeral expenses, taking the financial burden off of your loved ones. If you need assistance drafting your will, call our law office at the Lake of the Ozarks. We have evening and weekend appointments available.
Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.
We accept Visa, MasterCard, and Discover.
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Camdenton, MO 65020 GET A MAP
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