When I heard of the death of Dana Reeve (wife of Christopher Reeve -- who played Superman in the movies) recently, I was heartbroken most of all for her 13-year-old son. His dad had died just 17 months earlier and now his mom -- and he was all alone in the world. How can someone not be moved by that situation?
I thought about what plans were (or weren't) made for this young man's care and I hoped he would be ok. Then I thought about my own kids and what would happen to them if my wife and I were to die. It made me even more resolved to update my will asap.
And that's why I wanted to share this article with you. It's from Kiplinger's and highlights . It first starts with a warning:
Don't be fooled into thinking you are too young to worry about estate planning or that you don't have enough assets to warrant legal advice, warns Tracy Craig, an estate planning attorney from Worchester, Mass., whose practice includes many families with young children. She highlights the importance of planning for the unthinkable.
Without your instructions, a court will make crucial decisions about who will care for your children and what will happen to your assets, including turning everything over to your kids when they turn 18, regardless of whether they are capable of handling major financial decisions.
This is probably the main reason I want to update our will -- to determine what will happen to our kids. If it was just money, we probably wouldn't need an update, but I want to make 100% sure our kids are taken care of the way we want them to be.
The piece then offers the issues to consider including:
- Setting up a trust
- Naming a guardian
- Think about checks and balances
- Be proactive
- Don't forget safekeeping
I suggest you click through and read the piece. In addition, here are a couple posts from me that might help as well:
I pray that no one reading this will ever be in a situation similar to the one noted above, yet I strongly encourage all of you to get your will drawn up/updated just in case.