According to the September 2014 issue of Money magazine, 61% of parents with minor children do not have a Will. Without a Will, a judge will decide who will raise the minor children if both parents were to perish. With a Will, the parents can name a guardian and an alterative guardian to raise their minor children.
Practice Pointer: All parents with minor children need a Will so they can appoint the guardian who will do the best job in raising their children. Parents should select as a guardian a family member or close friend who shares their child rearing philosophy. Most parents select either the children’s aunt, uncle, or grandparents to serve as guardians or co-guardians.