What Heath Ledger Left Behind

What Heath Ledger Left Behind

Monday, March 10, 2008

filed under: family

A financial expert explains why even young parents should have a will or trust.

It's difficult enough for a Mom to think about dying, let alone wondering what will happen to your kids. However, in light of Matilda Rose's absence from Daddy Heath Ledger's will, Mom Logic turned to probate attorney and Mom Moira Brennan for what Moms need to do now, in case of tragedy:

Finding a lawyer: While hiring a lawyer can be costly, Brennan recommends having a probate attorney work out your wishes if you own real property or have assets worth more than $300,000. The American Bar Association is one way to look for experienced and insured lawyers in your area. DIY trust kits often leave out important information, said Brennan.

Choose a Caretaker: Make sure to designate someone to take care of children and pets, Brennan advises. When you have chosen your guardian, have a conversation with him or her to ensure that everyone is on the same page. While you may not be thinking of death while preparing for your trip to Tahiti, preparing legal matters before you travel is a wise move. And, if you have important to-dos for the guardian, like raising your kids with a certain faith, putting them in specific schools or even continuing in little league, you can put those in the estate planning paperwork as well.

Will vs. Trust: Brennan recommends doing a trust versus a will. If you do a will, it could take up to 18 months for your children to get their portion of the estate because it has to go through probate. Be sure to choose a trustworthy "executor" or "trust administrator," who will be responsible for distributing the property, assets, etc. outlined in the will or trust.

Life insurance: Brennan recommends making your child the beneficiary on the life insurance

plan or placing the money in a trust for the benefit of your child. If you don't have life insurance, you can choose to take a percentage of your assets or a dollar amount for your child's benefit.

filed under: family

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3 comments so far | Post a comment now >>

I can’t believe the number is people polled who don’t think this issue is important. You MUST make sure your kids are provided for is anything should happen to you. DON’T GO TO BED TONIGHT WITHOUT DEALING WITH THIS.

- laec

Posted 03/10/08 08:34 PM

I had a friend who died ,leaving three beautiful boys behind.They are now all in foster care as she did not have a will stating where her children were to go in the event of her death.The father of the children was in jail at the time and was deemed unfit.You really don,t know what will happen to your children when you die all you can hope is that you organise what you can while you are still on this earth.

- JULIE MANSON

Posted 03/10/08 11:03 PM

The photo you have up IS NOT HEATH LEDGER, but Jude Law!

- Mary

Posted 03/11/08 05:33 AM