Money tips for new parents: Your Will, a how-to for new parents[SIZE=-1]Your Will: A how-to for new parents Just about everybody needs a will, but only 44 percent of Americans have one, according to a recent survey. Both you and your spouse should have wills. If you are part of an unmarried couple with a child, having wills is all the more important in assuring that your estate is distributed the way you would want it to be if you happened to die.You can buy software and write your own will, hire a lawyer to do it, or draft a will using that software and then take it to a lawyer to make sure you didn't miss something. If your estate is relatively simple, a lawyer may charge no more than a few hundred dollars or so. Don't hesitate to ask for an estimate, though, and don't hesitate to shop around since legal fees can vary widely from firm to firm.A will is crucial for parents even if you don't have a lot of money or property to pass along. That's because it's where you designate a guardian for your child in case both you and the child's other parent die. If you die without a will naming a guardian, a court will appoint one, and he or she could be the last person you would ever have chosen. The guardian you pick may be a relative or a friend. You may want to name an alternate guardian too, just in case your first choice is unable to take on the job.Your will may also give the guardian authority to manage whatever money you leave your child, until the child reaches the age of majority--18 in most states. However, if your estate is large or money management isn't one of your guardian's strong points, you may want to entrust another person or a financial institution, such as a bank, with that authority. If your estate is large or complex, a lawyer can explain other options, including various forms of trusts. Your will may provide not only for your first child but also for any siblings that come along later. If your life changes in some major way, however, your lawyer should probably take another look at it just to be sure that it covers your current circumstances.Whatever you decide, don't forget to sound out any prospective guardians before naming them in your will. Being a guardian can be a huge responsibility, financially and in every other possible way, and for a very long time. In other words, it's a lot like being a parent.[/SIZE] [SIZE=-1]Subscribe now![/SIZE]
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