What should I do?

[oconp88]

Missouri
I am a Grad student married to a teacher. We have a 1 year old baby and virtually no assets. No house, property, and worst of all, very little money.

My wife and I are going on vacation and are wondering if we need to try and find a way to hire a lawyer to get a will (or trust?) written up. Obviously our biggest concern is our baby, but we both have living parents that would take her.

Any advice?

 

[JETX]

"My wife and I are going on vacation and are wondering if we need to try and find a way to hire a lawyer to get a will (or trust?) written up. Obviously our biggest concern is our baby, but we both have living parents that would take her."
*** First, a will and a trust are NOT the same.
Second, in the event that both of you were to die, your parents (or any other relative) would not automatically 'inherit' your child (with or without a will). Simply, without any surviving biological parents, the child will become a ward of the state. The responsible agency (CPS, etc.) will ask any relatives who are interested to 'apply'. After investigating the applicants, the state will determine placement.... hopefully with a qualified relative.
Third, the following website provides 'generic' wills for free:
http://www.ilrg.com/forms/lastwill-married/us/mo