I live in California and want to know whether a trust or a will is a good idea to establish in the event of my death so that my baby is protected.
2007-03-20 07:08:40 · 6 answers · asked by shibanidream 1 in Politics & Government ➔ Law & Ethics
If you have considerable assets a Trust might be a good idea. If not, do a Last Will and Testament naming a Trustee to handle the child's financial affairs until he/she reaches a certain age and a guardian to care and raise your child in case you die prior to his/her adulthood. It's best to have an attorney draw these up for you. Those do-it-yourself forms are not always executed properly and will be found invalid. In that case, your wishes would not be carried out.
2007-03-20 07:16:18 · answer #1 · answered by swishyvt 3 · 0⤊ 0⤋
A will distributes your property after your death. It has no effect on anything until you die, and can be revoked at any time prior to your death.
A trust can be created while you are alive, and grants specific legal benefits from the moment it is created.
Both wills and trust fall under the general category of estate planning, and a lawyer who specializes in that area can give you specific informat about the benefits of each. In many situations, estate planning attorneys will not charge you for the initial consultation (usually up to a half hour or one hour).
2007-03-20 07:14:04 · answer #2 · answered by coragryph 7 · 0⤊ 0⤋
You definitely should have a will, and I agree that you need not be in poor health to have one. You could be hit by a truck. If your finances are not complicated, you may be able to do this without a lawyer. Check out the materials available from nolo press
http://www.nolo.com
I have no connection with the outfit, but I have found their materials to be useful.
2007-03-20 08:31:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you have money a trust is in order.. if you are ill healthed, I would suggest a will. If you are not a worrier... live life and be happy.. worry about this stuff a year or so from now..
2007-03-20 07:13:50 · answer #4 · answered by chellimerrett 2 · 0⤊ 0⤋
yes you should have at least a will should something happen to you who do you want to be her guardenship. if you can it be nice you can have a trust set up for her you have to talk to a lawyer about all this.
2007-03-20 07:14:37 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I would recommend a will and life insurance, just to be on the safe side.
2007-03-20 07:16:18 · answer #6 · answered by sweet_purpleiris 3 · 0⤊ 0⤋