bjb@drutx.UUCP (BarnesBJ) (12/05/85)
This is a note to parents about a subject not usually discussed. Our pediatrician asked us to consider preparing a will and establishing a trust fund after the birth of our first child. It was during our second well-baby check that he brought it up, and at first I was shocked! I mean, the thought of me dying, or even worse, the thought of both parents dying, was the last thing on my mind. After considering it, I was very grateful he had mentioned it. I can think of many relatives who would bring me out of my grave if I knew they were going to raise my children. If by chance two relatives want the children, the courts decide who gets them. Also, setting up a trust fund insures that your child will have funds to take care of him, but that the money won't be spent by your 18-year old to tour the world, donate the money to a religious cult, or buy a Rolls Royce. You can make any stipulations to the trust you want to. I know this is not a very pleasent topic, but I certainly feel better knowing I can determine a little of what would happen to my children should the worst situation occur.
avolio@decuac.UUCP (Frederick M. Avolio) (12/05/85)
In article <772@drutx.UUCP>, bjb@drutx.UUCP (BarnesBJ) writes: > Our pediatrician asked us to consider preparing a will and > establishing a trust fund after the birth of our first child. > > After considering it, I was very grateful he had mentioned > it. I can think of many relatives who would bring me out of my > grave if I knew they were going to raise my children. If by > > Also, setting up a trust fund insures that your child will have > funds to take care of him, but that the money won't be spent by > your 18-year old to tour the world, donate the money to a > religious cult, or buy a Rolls Royce. You can make any > stipulations to the trust you want to. Yes! Yes! And now-a-days it is so easy for most people to set up a will. (Some drug stores around here have forms to fill in!) You will have to decide about guardianship for children, name an executor, and name a trustee (not necessarily the same people). In other words, someone to care for the kids, someone to handle the estate after you are gone, to arrange things, etc., and someone to have control over the money until the children are "of age." You can, in your will, state when "of age" is and this can include something to insure that no money, etc is split up until after the youngest child is out of college, med school, etc. You want the kids to have the same chance for things like higher education that they would've had you lived. (Sorry... hope no one is reading this before bed-time!) And think hard about guardianship. Sure you love your parents. But think about their age and the ages of your kids. If you parents are in their 60s or 70s, perhaps someone younger (needn't be a couple, by the way) might be a better choice. Aside from the children, even if they are older, if you die without a will, the courts may decide what gets done with your estate. You have anything you want given to certain people? The courts will sell everything (perhaps) and split up cash. Don't sue me if you die and things don't go as you had planned. I am not a lawyer. And keep that will up to date! Oh, yeah... have a nice day -- Fred @ DEC Ultrix Applications Center {decvax,seismo,cbosgd}!decuac!avolio
smh@mhuxl.UUCP (henning) (12/07/85)
**** **** From the keys of Steve Henning, AT&T Bell Labs, Reading, PA mhuxl!smh > Our pediatrician asked us to consider preparing a will and > establishing a trust fund after the birth of our first child. > It was during our second well-baby check that he brought it > up, and at first I was shocked! I mean, the thought of me > dying, or even worse, the thought of both parents dying, was > the last thing on my mind. > Also, setting up a trust fund insures that your child will have > funds to take care of him, but that the money won't be spent by > your 18-year old to tour the world, donate the money to a > religious cult, or buy a Rolls Royce. You can make any > stipulations to the trust you want to. One thing that I think that is more important is naming guardians. It is not terribly desirable to let a court decide the fate of the surviving child and fights between next of kin do not always provide the best transition for the child. I know of several cases where the persons named to be guardians were not kin, but friends who were close to the family and had a better situation to accept the child.
suze@terak.UUCP (Suzanne Barnett) (12/09/85)
> In article <772@drutx.UUCP>, bjb@drutx.UUCP (BarnesBJ) writes: > > Our pediatrician asked us to consider preparing a will and > > establishing a trust fund after the birth of our first child. > > And think hard about guardianship. Sure you love your parents. But > think about their age and the ages of your kids. If you parents are > in their 60s or 70s, perhaps someone younger (needn't be a couple, by > the way) might be a better choice. > > Fred @ DEC Ultrix Applications Center {decvax,seismo,cbosgd}!decuac!avolio Another thing to consider in guardianship (which I wouldn't have thought about except for a novel I read) is the location of the guardian(s)'s home. If it's in a different state and your will does not clearly specify that it's okay with you for the child(ren) to move to that state, there could be legal problems. I expect this varies from state to state. A bit of research on probate and guardianship should solve the problem. If you know how the law reads, you can use it to enforce what you wish done; if not, you may word things or not include some phrase(s) that need to be included to ensure your wishes are carried out. -- Merry Christmas! Suzanne Barnett-Scott uucp: ...{decvax,ihnp4,noao,savax,seismo}!terak!suze CalComp/Sanders Display Products Division 14151 N 76th Street, Scottsdale, AZ 85260 (602) 998-4800
dave@lsuc.UUCP (David Sherman) (12/09/85)
In article <356@mhuxl.UUCP> smh@mhuxl.UUCP (henning) writes: > >One thing that I think that is more important is naming guardians. >It is not terribly desirable to let a court decide the fate of >the surviving child and fights between next of kin do not always >provide the best transition for the child. Be warned that in at least some jurisdictions (including Ontario), it's the child's best interests which are paramount. That means that a request in your will or otherwise that person X be the guardian of your children will not necessarily be honoured by the court which appoints guardians. Your views will be considered strongly persuasive, though. Dave Sherman (my field may be tax, but I still remember a bit of family law :-) The Law Society of Upper Canada Toronto -- { ihnp4!utzoo pesnta utcs hcr decvax!utcsri } !lsuc!dave
rs55611@ihuxk.UUCP (Robert E. Schleicher) (12/10/85)
Anyone interested in learning a little more about wills, trusts, and estate planning might be interested in the fairly well-done set of articles in the most recent issue of Money Magazine. They pointed out that, despite the fact that anyone with children should have a will, as well as many people without children, only about 1 in 3 adult Americans has a will. Bob Schleicher ihuxk!rs55611