The recent passing of the King of Pop, raises an issue that comes up again and again in estate planning, those with children need to have a will in place.
Not only can a will deal with some financial issues, as blogged in my July and August 2008 posts, but it can also be a vehicle to name who you want to serve as guardian for your children. A court may ignore a provision naming a guardian, if it does not serve the best interests of the child, such as if the other parent is living and fit to parent or if the named guardian poses some threat of endangerment. However, if you fail to prepare a will naming a guardian, you leave it entirely up to a judge who is a stranger to your family and may not place your children with the most appropriate caregiver.
If you have children and do not have a will, contact a licensed attorney.