If you have minor children, your legal affairs are not in order without a Will with a minor’s trust. Your lawblogger’s first boss used to say that the cost of the sports car your child purchases at eighteen is directly proportional to the amount of his or her inheritance. Some lawyers –including yours truly– will refuse to prepare a Will which omits a trust if minor children are involved. A trust is an absolutely necessary vehicle to manage your assets for the benefit of your children — even after they turn eighteen. Kids who have lost their parents need expert guidance to handle substantial sums of money until they mature later in their twenties (my trusts run at least to the age of twenty five).
Don’t think you will have enough to leave your kids to make a trust worthwhile? Just consider that the instrumentality of their orphaning is likely to be a catastrophic accident. Instant fortune even though you will not be here to enjoy it.