One of the common questions I get from parents of minor-aged children is this, “Do I need a Will? I don't have much.” The answer is almost always a resounding yes, you do. The Will may not be so much to distribute the assets you have, but it is a very important tool to use to make sure that your children are provided for – to ensure that the appropriate folks will be guardians and trustees.
The guardian will be responsible for raising your child if the parents are not able to. This is a big role, and you'll want to select the right folks for it – those who have the right temperament and personality, those who share your values and parenting styles. The trustee will be the person charged with managing any assets for the child, to use them in accordance with your Will for the child's education, well-being and support, and then to distribute those assets in accordance with your Will when the children are older. If you haven't figured it out by now let me spell it out: these are important decisions that you need to document.
In this short video, I'll share some basic information about Wills for parents of minor-aged children. Watch for future videos here and on our YouTube channel relating to basic planning for parents.