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How Do I Handle Affairs Among My Family?

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If you wish to leave assets to your children while they are still minors, you must assign a guardian to raise your children until they turn the legal age that is determined by your state. You may nominate this person to manage any financial resources you have left your children, or you may appoint someone else to manage the finances until they turn the legal age. To avoid any questioning by the courts, be sure that you and your spouse name the same guardian in your separate wills.

There are a few steps you can take to see that your children are properly cared for in your will. First of all, name a custodian under the Uniform Transfers to Minors Act that will manage the property you are leaving to your child. Next, set up a trust for each of your children. You can use your will to create a trust for the property that each of your children inherit. In this case, you must list a trustee to manage the trust property until the child reaches an age of responsibility that you also specify. If you have more than one child, set up a pot trust where the trustee decides what resources each child needs and divides and spends the money accordingly.

If you wish to leave your assets to people other than your spouse or children, you must disinherit them. Most states have laws that protect surviving spouses from being completely shut out from receiving your assets. Some states, known as community property states, recognize that your spouse automatically owns half of all the earnings acquired while you were in your marriage. So in this case, you will be able to leave your half of the assets to anyone else you choose. In all other states, your spouse can legally dispute not receiving any of your estate, but must go to court to do so. It is a good idea to consult a lawyer if you aren't planning on leaving anything to your spouse. It is easier to disinherit your children - simply do not include them in the will. However, if it appears that you had a child after you created your will and they were intentionally left out, that child has the right to claim some of your assets.

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