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Free Will - Parent with Minor Children

This Will is useful for a single or married person who has minor children or who intends to have children. It continues to be appropriate after the minor children become adults.

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How to create your Will - Parent with Minor Children

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Reasons to Create

- You own property to be distributed after your death. This Will is not appropriate for estates larger than $600,000.
- You want to designate the persons or organizations that will receive your property after your death.
- You want to designate the person or organization who will carry out the terms of the Will.
- You want to designate who will have the responsibility for the minor children if the other parent is unable to serve as the natural guardian.

Before You Begin

Information you may need:
- The name and address of the person who is creating the Will.
- The names and addresses of the Beneficiaries, the persons and/or organizations who will receive the property.
- The name and address of the Executor, the person or organization who will carry out the terms of the Will.
- The names and addresses of the minor children.
- The name and address of the person who will have the responsibility for the minor children if the other parent is unable to serve as the natural guardian.
* The name and address of the person or organization who will have the responsibility for managing the trust assets.
* A list of bequests, that is gifts that will be distributed, and the names and addresses of the persons and/or organizations who will receive them.
* Information regarding the value of your estate, including the value of all assets plus life insurance proceeds.

Reasons to Update

- Your marital status changes.
- You move to another state.
- Your financial status changes significantly.
- A significant change in tax laws is enacted.
- One of your beneficiaries dies. For example, your spouse.
- You want to add or change beneficiaries.
* The death or incapacity of a named executor, guardian, or trustee.

Document Help

Parent with Minor Children

This Will is appropriate for people who are married or single and wish to provide for their minor children. This Will continues to be appropriate after the minor children become adults.

If the Willmaker's estate is expected to be larger than the federal estate tax applicable exclusion amount ($2,000,000), it may be desirable to use more complex estate planning techniques that are not provided by this program. For such cases, this Will can be used to prepare for an office conference with a lawyer who can assist you with the preparation of a more complex will.

Note: A separate will should be created for each person. Even for married couples, a "joint will" (not offered by this program) is not recommended.

For More Information:

What is a Will?
Components of Your Estate
Not Married Statement
Naming Beneficiaries
Choosing an Executor
Choosing a Guardian
Providing a Trust for Children
Disinheriting People
Specific Bequests
Residuary Estate
Trust vs. Will Comparison
Signing Instructions
TOPIC INDEX


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