How to Create a Will When You Have Kids

By Teo Spengler

Few people like to contemplate their own demise and, as a result, fewer than half of American adults have valid wills, according to the American Bar Association. Dying without a will leaves decisions about inheritance to the state and -- for those with minor children -- forfeits your say in their future care. If your spouse does not survive you, a guardian raises your minor children. A will is your vehicle to name a trusted person to this important office and also to appoint a financial guardian to manage their assets until they come of age.

Step 1

Decide whether to have an attorney draft your will. Complex estates benefit from legal and tax advice while form wills often work well for simple holdings. If you decide to draft your own will, realize that form wills -- widely available on the Internet and in stationary stores -- vary in quality and precision. Select a form will specifically drafted for your state and approved by the local Bar Association. Some states such as California offer a statutory will, a form will containing all state requisites. Look for a statutory will in your state's probate code.

Step 2

Select a guardian to care for your minor children -- natural and adopted -- if your spouse does not survive you. Select a trusted friend or family member and discuss the appointment with that person before drafting your will. Do not forget children from previous marriages. Appoint a different financial guardian to manage the children's inheritance. Banks often serve in this role. Consider appointing an alternative guardian in case the first predeceases you or cannot serve.

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Step 3

Consider how to divide assets between spouse, minor children, adult children and other heirs. Factor in the current age and number of your minor children and the level of support they require through childhood. Although most states do not require parents to include bequests for adult children, consider what your holdings allow. Remember that some assets such as life insurance policies generally do not pass through your will but rather go directly to beneficiaries you name in the policy.

Step 4

Consider adding conditions to your will to fit possible contingencies. Consider whether to condition a devise to a spouse or a child on that person surviving you. If so, provide an alternate beneficiary in case the person dies with or before you. In the case of adult children who predecease you, consider whether you wish that child's inheritance to pass to his own issue, if any, or to be divided among your own remaining children. Select an executor to manage your estate through probate and asset distribution.

Step 5

Make an appointment with your attorney and take this information with you. She will use it to draft your will. Alternatively, fill in the form will. Early blanks require information about your identity; fill these in then plug in your bequests and choices for guardian and executor. Select witnesses. All states require that at least two adults -- usually not heirs under the will -- witness your signature. Tell the witnesses that the document is your final testament, then sign in their presence. They sign after you.

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Many people procrastinate making wills because of discomfort with the idea of death, but a well-conceived will brings peace of mind. With a will, you decide who gets your property; the state does not divide your estate according to the general intestate laws. Good testamentary planning can also produce tax benefits for your estate but may require legal advice. Precise procedural requirements for last testaments vary between jurisdictions, but most states accept a written will signed before two impartial witnesses.

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