Q We have three children, and of course when we die, they will inherit whatever we have left. We don’t have a lot of money, property or things to will to anyone, so why would we need wills? What does a will cost?
A The most precious things you have are your children, so it’s important to answer the question: What would happen to our children if my wife and I died? Who would care for them? Sometimes family members and friends fight over who will get the children. Sometimes those awarded the children are the last people you would choose. Here are some questions to consider when making a will.
- What will happen to the children? The number one reason to have wills is to be able to determine who you want to care for the children in case you and your wife are not there to do so. Which of your friends or family would you like to have as the guardians to raise your children? You might consider such things as their parenting styles, financial situation, ability to enjoy and have fun with children and their religious affiliation. You’ll need to check with the people you select to see if they are willing to raise your children. Raising someone else’s children is a big commitment.
- Who will be the executor? An executor administers your will when you die. This person pays all debts and sees that your requests are fulfilled. You’ll need to pick someone you trust who can handle these financial duties.
- Do you want to establish a trust for your children? In a trust, your funds are controlled by someone you designate and are given to the children according to your instructions. You might want the funds to be used for certain things such as college or other career education. You might want the children to be a certain age before receiving funds. You control when and how the children receive their inheritance.
- What does a will cost and how do we find a lawyer who has reasonable charges? Charges for completing a will vary among lawyers, with some of the cost differences due to the variations in complexity of your situation. You can proceed cautiously by asking friends for recommendations on lawyers they’ve used. Through a Google search, you can often find lawyers who do free consultations. One source of this information is www.findlaw.com.
You are to be commended for planning ahead to care for your children in case you and your wife aren’t here to do so.
Betty Richardson, PhD, RN, CS, LPC, LMFT, is an Austin-based psychotherapist.
