Hiring a Lawyer to Draw Up A Will - Part I
If you’re thinking about contacting a Delaware lawyer to have a Will drawn up, here are some things you need to know. If you’re like most people, what you need is a “simple will.” The cost for a simple will should be reasonable. If you’re quoted a fee that sounds too high, it probably is. Be sure to call around before deciding who you will use.
There are a lot of terms that we talk about when you come in for a Will. Here are some of them.
“Guardian” - the guardian is the person you want to take care of your children if they’re under 18 years old and both you and your spouse are deceased. If you don’t have a Will, the guardian will be picked by the Court. Now think for a minute about which of your relatives might come forward and tell the Court that they want to be the guardian. The Court could pick somebody who you wouldn’t want. The easy way around this is to have a Will and name your first and second choices for the guardian of your children. The Court will always honor your request unless the Court feels that there’s a very good reason why it would be harmful to your children to appoint the person you chose.
“Trustee” - You certainly wouldn’t want your children to receive all of the money they inherit from you and all the life insurance benefits if they’re under the age of 18. But what if they’re 18 or 19 years old? Or 20? Most people think that late teens and early 20's is still too young. The way to deal with this in your Will is to name someone to be the “trustee” who will safeguard and manage the funds until your children reach whatever age you specify. Of course your Will gives the trustee the authority to spend money on such things as education, health, comfortable support and similar things. When your children finally reach the age you specify, the trustee will take the funds out of the trust and give them the money.
