Posted by andy r on December 20, 2012 at 17:41:35 from (75.91.149.15):
In Reply to: Another estate question posted by rockyridgefarm on December 20, 2012 at 17:15:54:
I remember when my wife and I did our first wills. If one of you would die you probably leave everything to the other. Lawyer might actually write two wills - one for you and one for wife leaving everything to each other. The tricky part is if both of you would die. Then you would need to name who takes care of the kids. In our case it was her parents. Both were good, but my parents were still raising kids, mom worked and were older than my inlaws. Then the will would probably establish somekind of trust if both parents should die. The named guardians would be given access to the trust for the benefit of the children. The guardians may or maynot be the actual trustee. Remaining funds would then be available at some certain established age like 18 or 24. Part of estate planning is making sure all property is named or held correctly for your situation - type of ownership. That includes land, home if not on the farm, vehicles, checking and savings acounts.
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