If you are divorced and have minor children, you should make a will. For two main reasons. You need to appoint someone to handle the money you leave your children. You also need to pick someone to take care of kids, if you and your ex both die.
Who Takes Care of Your Children’s Inheritance?
If you die without a will, the Court will give your children’s inheritance to their guardian. This is probably your ex. However, there are many reasons why you might not want your hard earned money to be given to your ex.
Your ex might not be good with money. They might have a drinking, drug and/or gambling problem. Your ex might spend that money on a fancy car to haul your kids around, instead of saving it to buy a car for the kids’ themselves.
The problem is that once the Court gives the inheritance to your ex, no one will be there to make sure that the money will be spent on your kids.
What if your ex can’t take care of your kids? Your ex could be in prison or rehab. He or she could be suffering from a physical or mental disability. In such a case the Court, would give the money Continue reading