What Happens To Your Child When You Don't Have A Will
A couple looks at paperworkIf you die without a Will, you are considered "intestate," meaning that the laws of your state will make a Will for you, including who will care for your minor children and your assets that they will inherit when they become adults. It is a difficult thing to think about your child's life without you if something should happen to you, which is why planning for them is difficult. Your child will benefit from your careful planning for their future. Having a Will in place gives you a say regarding the care of your child and what they will inherit if something should happen to you.
When a person passes away, a Will answers final questions regarding assets, but a Will's sole purpose is not deciding what happens to your house, cars, bank accounts, and other assets. One of the most important reasons to have a Will if you have minor children is selecting who will care for those children in the event you become incapacitated or pass away suddenly. If you do not have a Will in place, you have no say in this very important decision, as it will be left to the court to decide many issues pertaining to your minor children, including:
Who Will Care For Your Minor Children?
The decision of who will care for your minor children if you and your spouse are incapacitated or pass away will be left to your state's court system if you do not have a legally enforceable Will in place. If there is another surviving biological parent, that person will likely be designated by the courts to assume full custody of the child. If that person is no longer alive or is unable to assume custody for some other reason, the court will probably choose a biological relative of the child to assume custody.
What Is In The Best Interests of the Child?
The court, depending on your state's laws, will usually consider the child's best interests when deciding custody or guardian matters. If the court deems the other parent "unfit," the court could name a third party as guardian. In these circumstances, a Will is the only way to state your wishes, but a Will usually does not change the other parent's rights. If the child is reaching an age that is close to adulthood, the court may ask the child's preferences and take those into account. The age at which a child's preferences are considered varies state to state.
Who Will Manage Your Minor Child's Finances?
A conservator can be appointed by the court to manage finances and assets for a minor child until the child turns 18, or the age of majority in the state of residence. After that, the conservator's role is terminated. Typically, the person selected as guardian is also appointed as conservator, but there are cases where these roles are held by two or more people. You can make this decision yourself in your Will if you have chosen someone - or a financial institution - to be your minor child's conservator, and it differs from the guardian. If you want your child to continue to wait to have funds or limited access to the funds after turning 18, you can set up a trust in your Will, specifying at what age your child will gain access to the trust.
Consult With An Attorney Today To Get Your Will Started
Preparing a Will may seem complicated, but we have made the process as easy as possible on you. As a member of our legal subscription plans, you will have access to an experienced, dedicated law firm in your state who can guide you through each step of the process. You'll start by answering a few simple questions on our app and your law firm will contact you with any additional questions or documentation that is needed.
With our legal subscription plans, you can get started on your Will today with the help of an experienced, dedicated attorney who can help you draft your Will and ensure that it is legally enforceable in your state. And if you ever need to make changes as your life changes, you will always be able to do so as long as you're a member. We make the process of drafting and filing your Will simple and streamlined so you can have this important document ready if it is ever needed.
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