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Will FAQ... Page 3
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Can I leave property to young children in my will?
Children under 18 can inherit property--but if it's anything valuable, an adult must
manage it for them. You can use your will to name someone to manage property you leave to
minors, thus avoiding the need for a more complicated court-appointed guardianship. There
are many ways to structure a property management arrangement. Here are four of the
simplest and most useful:
- Name a custodian under the Uniform Transfers to Minors Act. In every state except
South Carolina and Vermont, you can choose someone, called a custodian, to manage property
you are leaving to a child. If you die when the child is under the age set by your state's
law--18 in a few states, 21 in most, 25 in several others--the custodian will step in to
manage the property until the child reaches the age specified by your state's law.
- Set up trust for each child. You can use your will to name someone (called a
trustee), who will handle any property the child inherits until the child reaches the age
you specify. When the child reaches the age you specified, the trustee ends the trust and
gives whatever is left of the trust property to the child.
- Set up a "pot trust" for your children. If you have more than one
child, you may want to set up just one trust for all of them. This arrangement is usually
called a pot trust. In your will, you establish the trust and appoint a trustee. The
trustee decides what each child needs, and spends money accordingly.
- Name a property guardian. If you wish, you can simply use your will to name a
property guardian for your child. Then, if at your death your child needs the guardian,
the court will appoint the person you choose. The property guardian will manage whatever
property the child inherits, from you or others, if there's no other mechanism (a trust,
for example) to handle it.
For more information, see Leaving
Property to Young Children.
Can I disinherit relatives I don't like?
It depends on whom you want to disinherit. If it's anyone other than your spouse or
child, the rule is very simple: don't mention that person in your will, and he or she
won't receive any of your property. Rules for spouses and children are somewhat more
complex.
Spouses
It is not usually possible to disinherit your spouse completely. If you live in a
community property state (Alaska (only if you have made a written community property
agreement), Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington
or Wisconsin), your spouse automatically owns half of all the property and earnings (with
a few exceptions) acquired by either of you during your marriage. You can, however, leave
your half of the community property, and your separate property (generally considered to
be all property you owned before marriage or received via gift or inheritance during
marriage), to anyone you choose.
In all other states, there is no rule that property acquired during marriage is owned by
both spouses. To protect spouses from being disinherited, these states give your spouse a
legal right to claim a portion of your estate, no matter what your will provides. But keep
in mind that these provisions kick in only if your spouse challenges your will. If your
will leaves your spouse less than the statutory share, and he or she doesn't object, the
document will be honored as written.
If you don't plan to leave at least half of your property to your spouse in your will and
have not provided for him or her generously outside your will, you should consult a
lawyer--unless your spouse willingly consents in writing to your plan.
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