It's amazing how personal responsibility intensifies once a child is part of a family. As you may know, I am the father of two children and my wife and we found ourselves faced with the same issues. As a certified financial planner I visit with several couples, families and individuals of all ages. It amazes me how few have drafted a will. For many, the reason why they haven't isn't the cost – it's simply the necessity to face reality and have a soul-searching discussion with oneself or family.

Rather than discuss what should be included in a will, I shall leave you with a list of questions to ponder. The answers will be very helpful when you visit with your attorney.

1. Who will be the guardian of my children if both my spouse and I were to die? Generally, I do not recommend naming a parent as your child's guardian. Consider a sibling instead. Also, be sure to ask them whether they would be willing to serve in this capacity. Who will be the contingent guardian of your children? If you and your spouse were to die in a common accident, what conditions should be placed on the assets left to your minor child to insure that your wishes are met? Should the money be released to your child up their 18th birthday? Should your guardian have discretion over these funds for a certain number of years? Should there be restrictions on the types of investments allowed with this money?

What if your whole family (Mom, Dad and the kids) dies in a common accident? How would you like the assets to be distributed?

If your spouse is no longer living and you die, who should serve as the executor of your estate? Who should make decisions regarding your property?

If you were to die, would you want a provision that insured that certain assets were remained for the benefit of your children and not potentially used by your surviving spouse to benefit a "successor spouse" i.e., jewelry, heirlooms, furniture, money? Of course, there are many more questions to ask. Generally, it is assumed that if you were to die, your assets would first be left to your spouse. However, with over 50 percent of marriages ending in divorce, and the increase of single parents raising children, there are many issues to consider.

I strongly recommend that new parents visit with a qualified estate planning attorney to discuss these issues. The typical cost for a will is between $500 to $800 for the couple. In addition to the will, the cost generally includes Durable Powers of Attorney and Health Care Proxies. The Durable Power of Attorney names an individual to act on your behalf in the event you become incapacitated, are out of the country, or become unable to make rational decisions. The Health Care Proxy expresses your specific wishes on whether to use life support systems to sustain your life.

Answered by Marc Freedman, CFP, Certified Financial Planner Freedman Financial Associates, Inc.

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