Wednesday, April 1, 2009

Your 5-minute guide to estate planning


By MSN Money staff
Posted by Yulun Hung
Even though most estates won't owe Uncle Sam, estate planning is essential for protecting you and your loved ones.

Most important? Providing for minor children. Your will should name both a guardian and a financial trustee for your kids in case you and your spouse die.

To provide checks and balances, the guardian and the trustee should not be the same person.
Don't name a couple as guardian. They could split up or disagree about what's right for your child.

Your child's other parent, even if you're divorced, will get custody if you die, unless that person is unfit because of mental illness or addiction.

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