In this post series, we take a look at several misconceptions regarding wills. Wills have been around seemingly forever, and most people think of a will when they begin to think about planning for the future. But how effective are they?
Myth No. 1 – A Will Provides for Your Children
A will can and should specify who should be the guardian of your minor children after you and your spouse are gone. But a simple will leaving everything to your children will leave your estate locked up in probate court until the children reach adulthood. The court will require your guardian to provide an annual accounting (not a bad thing in itself). The court will also require your guardian to obtain permission from the judge before using any of the funds. If your children’s guardian is going to be able to use those funds to pay for their education and the necessities of life without having to run to court, their inheritance needs to be placed in a trust. It’s true you can create a trust for your children in a will, but that won’t solve other problems.
You are going to need a complete estate plan in order to provide for your children’s future security.