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Originally Posted by pseudoreality
Also, any thoughts or tips on what to talk about with your spouse before sitting down with a lawyer? My wife has been asking about this. She wants her parents to have the kids if we both kick the bucket, but hasn't asked them yet. I'm guessing we'd want out assets to go to her parents, to pay for raising the kids.
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There are two separate roles you can appoint in your Wills. Your Executor (Trustee) manages the estate assets in trust for your children. You Guardian has the day-to-day responsibility of raising the children. Your Executor and Guardian can be the same person, but many would split these two roles.
You would not normally give the estate assets outright to the Guardian. Through the trust established, the Executor can pay $ out of the trust from time to time for the maintenance, education etc of the children. The children receive the remainder of the trust proceeds when they reach an adult age that you select.
You should generally think of second (and third) choices for each role, in case the first choices are not available.
Most wills would allow the Executor to take a modest fee for their efforts.