Unmarried w/ Child Will & Trust

[NewToMe]

What is the name of your state (only U.S. law)? Michigan

Hello All,

I'm new to the forum but not new to forums. I help others with what I know well so I'm hoping someone who knows this stuff well can help us. I already did a search and didn't turn up anything. Seems most of the questions here are after the fact.

Here is the scenario. My partner (like a wife in that we are married in spirit) have a baby. He was born in January. We cannot tie the knot for the next two years due to financial implications.

Here are our wishes:

All of our worldly possessions go to the other in the event of one of our deaths. In the even that we both die at the same time, we want 75% of our wealth to go to our son with 25% going to the guardian. Our chosen guardian is my uncle and his wife. I have life insurance, physical assets, a home with lots of equity (yes even in today's market), two cars with equity and a 401k. My wife has virtually no assets just a small amount of cash.

How does one go about making a will in this case?

I'm not unwilling to go see a lawyer about this but I want to be educated first.

Thanks in advance.

Tom

P.S. One additional point to make is that we intend on having another child in 2011.

 

[Kiawah]

Not a lawyer

Not a lawyer, but although you can name (suggest) a guardian in your will in the case that both of your die, I believe it would take a courts' approval and they may not choose the guardian that you suggest (maybe not alive, maybe in jail, who knows what might happen in 20 years).

Therefore, you may want to leave the 25% to the assigned 'guardian' of your children, as opposed to a specific person's name in the case the person you suggest isn't confirmed as the guardian by the court.

There's some really good lawyers active on this forum, so I'm sure you'll get some really good advice within the next day or two as they get time.

 

[NewToMe]

Kiawah,

Thanks for chiming in. I figured this one was going to be easy. I've read some of the other posts and they seem awfully complicated.

Any attorney's out there want to chime in?

Thanks

Tom

 

[NewToMe]

Can some expert please chime in as to why I have not received any responses? Is it the detail that I provide or is my issue complex?

Thanks

Tom

 

[anteater]

Can some expert please chime in as to why I have not received any responses? Is it the detail that I provide or is my issue complex?

Thanks

Tom

It's probably that the responses would be along the lines of, "You really should consult with an attorney with experience in estate planning."

You want someone that you can describe your situation and goals to in a face-to-face setting. One of the most important things about preparing your estate planning documents is having someone with knowledge and experience asking the "What about..." questions - the questions that you have not considered.

 

[NewToMe]

Anteater,

I have no problem seeing an attorney about this. I'd just like to know a little more about my particular scenario before I do.

Thanks

Tom

 

[NewToMe]

I contacted a lawyer by following the attorney pages link on this forum and did not receive a call back.

Is there anyone that can offer me advice as to what to bring to the consultation so as to save myself some money when I do find a lawyer that returns phone calls?

Thanks

Tom

 

[Dandy Don]

You can't find any other options of other attorneys to call about this? Your posting is complicated by the fact that the life insurance has a designated beneficiary and your will can have no impact on that, but does apply to the other assets you mentioned. A simple will can cover your needs, but a consultation with an estate planning professional would be preferable to any old attorney, because all of your particular needs and intentions could be better planned out/decided upon how to pursue the best scenario for your particular situation.