Protect Your Children

Q: My husband and I have three children under age six. Do we need wills?

A: You should each have a will, especially to help your children.

If one of you dies, the surviving parent will continue as the children's natural guardian. But if both of you die, your children will need a guardian.

Your individual wills allow you to name that guardian, someone who you believe to be the best person to care for your children. You can also name an alternate guardian in case your first choice can't serve.

Another reason to have a will is that, in the event that you both die, you could have your assets placed in a trust. The children's guardian, or a separate person named as trustee of the trust, could spend your assets on your children as their needs required, instead of simply dividing your assets equally among the kids.

People generally spend money based on family needs as they arise. They may spend more on one child than on another because of circumstances. If both parents die, they usually want the family assets to continue to be used in the same way. By creating a testamentary trust at the death of the second parent, the trustee can be directed to use those assets to meet the needs of the minor children just as the parents would have if they had survived.