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Tag Archives: Probate

Should You Have a Will, A Trust, Or Both?

While you’re trying to earn wealth, it’s not easy to talk about what happens to those assets after you’re gone. Before we had a child, we didn’t see the need for any sort of estate planning. When our net worth was negative, there wasn’t much to get excited about. However, now that we are on track financially and have a child to consider, making plans for the future is very important. A big question I’ve researched at length is whether we should have a will, a trust, or both. Why You Need a Will You need a will if you have minor children. If something happens to you and your spouse or significant other, decisions about who is going to raise your children need to be very clear. I don’t think our family would fight over our daughter, but each set of grandparents, aunts, and uncles are in different areas of the country. What if both sides decided she needed to be with them? Having a clear guardian, with a backup, is the most responsible thing you can do to protect your children. If you don’t have children, aren’t married, or are married and leaving everything to your spouse, you ...

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