What is the Importance of a Will?
I’m with attorney Brandon Roesler and we are discussing the fundamentals of estate planning.
When clients come to us to setup their estate, is it more important to have a will to supplement the trust?
What we will do is setup a will and a trust. A trust will be more effective with their personal property and assets. If they have kids that are under 18, we will also setup a trust in the case that you pass away.
In the event that the I have minor children, can we just put in the trust who our preferences are in raising the kids in the event that we die when the kids are minors?
No, you cannot do that in a trust. A trust will only relate to the property and assets that they have. You can detail that in the will though. What will happen is that if you and your spouse pass away, the court will decide what will happen to your offspring. They will look into all of the circumstances and factors and likely, they will look at the nearest living relative. However, you might not have a relationship with the closet living relative. You might consider your friends across the street as your closest endearing family and you would rather have them raise your kids than any relative you may have.
If this is said in the will, will the court receive that and use it when they are evaluating who becomes the guardians of the kids?
They will be able to look at the factors and the circumstances in detail why you think your friends that you consider family will be better parents for your kids than your closest living relative.
It is critical that the court has this information before evaluating your children’s future. The most important thing in life are your kids and you want to make sure that they are protected. The last thing you can do is ensure your kids are raised the way you want to, is to detail in your will, if something were to happen to you and your wife, who you want your kids to be with.
Your children’s future is the most critical issue and the key reason why you should setup a will. That’s what we will do for you at the Law Office of Falangetti.
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