This is a hot Google search topic that brings people to my blog. Specifically, what do you do if you have minor children? Why not discuss this with your estate planning attorney? Perhaps you don’t have one.
Let me get this straight. You have minor children and you do not have a will. Who will be the guardian of your minor children if you die? Who will manage the assets, including your life insurance, necessary to raise your children? Where is this on your list of priorities?
A few days ago, I spoke briefly with a young man who has a good job and drives a nice car. He also has a young family that includes minor children. He doesn’t have a will. Perhaps he is searching the internet to find out how to fill out a beneficiary designation form.
I apologize for my frustration this morning. The internet contains a wealth of information, but it doesn’t take the place of professional advice. You must figure out your priorities. If you have young children and you do not have a will, please send me an email and tell me why. I really am curious.
{ 2 comments… read them below or add one }
It’s probably because no-one has told him he needs one. With new investment clients I always check whether they have an estate plan and adequate life insurance. People under 50 often have neither. When I tell them that this is really important they do go right out and get it done.
I enjoy your posts.
I have noticed lately that there are alot of concerns about life insurance policies and the fact that you have to keep them for at least a year or whatever the term says before you can actually bank on the policy. So if you get a life insurance policy and you die in 2 weeks, then you do not get the life insurance payoff because you died too fast (no matter what the reason is). It is important to check out the life insurance company you are going to be dealing with on this aspect.