Hi, My husband and I have twin boys (2 1/2 years old). We do not have a will or anything in place at the moment, except for Health Care Power of Attorneys. We want a basic will that names a specific friend of ours to be guardian of our boys and that also gives that guardian power to control our finances (life insurance, retirement, etc) in the event of our demise. We don't have a lot of assets (e.g., house or properties), just some basic retirement and life insurance accounts. My questions is- what specific documents should I ask a lawyer for that encompass our needs as described above (what are the specific legal terms/verbage)? Also, what is a ball-park cost for components if we met with someone in person? Is there a way to do this for free online?
Answered on: 6/05/13, 2:12 pm by Christopher Steuart
The simplest mechanism would be to either create a trust or do wills that create a trust for the benefit of your children. You would also want to nominate a standby guardian or nominate a standby guardian in your will. You should make sure (I usually suggest that they get a writing) that the proposed guardian agreeing to the duties. As to whether you can do this online, I don't know; I've never looked. The advantage of having an attorney do this with you is that you will get more attention to detail and reduce the risk that an something will be missed. As to what an attorney would charge. If the wills are reciprocal, I would expect that it will cost you about $550 total to do with an attorney.
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