Generally speaking, a Will directs who assumes custody of your minor or disabled children, who administers your probate estate (Link to Article D (Probate), who inherits your probate assets, and when they inherit such assets. While it is important for everyone to plan for the disposition of their assets after their death, it is especially important for parents execute a valid will as there are several special provisions necessary to provide the appropriate protective mechanisms to ensure that children are properly cared for and looked after. A will grants you an opportunity to specifically appoint an individual or couple to whom the you desire to assign full custody of your children. This individual or couple will become the Guardian and Conservator of your children. The Guardian will make all day-to-day decisions for your children such as where your children attend school and church and where they receive health care. Further, a will also permits you to appoint a person, couple or professional entity to manage your money for your children's benefit, making all appropriate payments on behalf of your child (including health care, college, etc.), and distributing all remaining assets to your child when your child reaches an age or milestone that you feel comfortable distributing the remaining assets outright to such child. Such person or entity will become the Trustee of a trust created for the benefit of your children.
If you elect not to execute If you do not plan appropriately, the court will hold a hearing to determine who will assume custody, effectively will raise your children, through a costly and time-consuming process called a Guardianship proceeding. There could be disputes among close friends and family members regarding who gets to (or who has to!) assume custody and raise your children. Also, the state does not allow children under age eighteen to directly receive an inheritance so the court may select someone to manage the funds for the child's benefit through another costly and time consuming procedure called a Conservatorship proceeding or the Court could simply freeze and hold the assets. The Conservator or the Court are not charged with investing and growing funds, only safeguarding the principal until the child is of age. Then, upon the child's eighteenth birthday, regardless of the size of the assets or the disposition of the child, the Conservator or the court immediately distribute the remaining assets directly to the child.
