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Setting up Wills & Life Insurance



Parent Tips > Legal, Financial & Real Estate > Setting up Wills & Life Insurance

Appoint A Guardian

Choosing a guardian is not an easy task. It is also not easy to think of someone else raising your children.

Decide as a couple what is most important to you with who you choose and think about some of the following things: Do you share the same values? Are they already parents? Will they treat your children as part of the family? Are they healthy or young enough to takeover as parents? Are your children comfortable with them? Are they responsible with their finances? Are they going to respect your wishes? Will they make sure your kids get time with their extended family?

Although it it ideal to be able to choose another family member, sometimes a close friend will make more sense.

Once you have narrowed down your choices, ask the person you have chosen. Sometimes people will say no because they realize that although they may care about your child, they are not ready to take on the task of raising them.

Making a Will

Setting up your will is never easy but it is important for planning for the well being of your children in the event that something happens to you.

You need to have something in writing that says what happens with your child, your money, your house and your belongings.

Dont put your family in the position of trying to decide these things when everyone will already be feeling emotional. Make your choices clear and let family members know that will be affected such as whether they will be appointed guardian.

Pick a guardian for your children and a trustee to manage the money.You will probably want to pick someone different to be the trustee. A trustee should be someone who is knowledgeable about investing money and has the ability to make the right decisions so that it lasts while your child is being raised. Have you set aside money for college or weddings, etc.?

You can set up a will with your lawyer. There is also software available or you can go online to sites like www.wills.com

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