Why do parents need a will?
A majority of parents with minor children do not have a will. Even though they may not have many assets, these parents need a will more than a person with a seven figure estate. The reason is to name who gets custody of the children in the event they die. If the parents die, a court will decide who gets custody of the minor children by selecting a guardian for the children.
In Indiana, a court is to consider individuals for appointment as a guardian in the following order:
- A person nominated by will of a deceased parent
- Any person related to the minor children person by blood or marriage with whom the minor children have resided for more than six (6) months
- Any person the court considers best qualified to serve a guardian of the children.
While a court will base its decision on what it decides to be the best interests of the minor children, the court could select someone to care for your children that you would not want to have custody of your children. To protect your children, every parent of a minor child should have a will naming a guardian for their children.
With over 36 years of experience, you can trust Steven Knecht to help you with your estate planning needs because your family and you have a lot at stake on the outcome.