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God Parents are not legal guardians of your children. They will not get custody of your children should something happen to you or your spouse. They are merely people appointed by yourself and recognized by the church to ensure your children are kept practicing the faith for which they were baptized. You must declare a Last Will and Testament in writing to appoint guardians for your children.

The beneficiary of insurance policies should be, Estate. Do not elect spouses or children as beneficiaries. Making this mistake essentially leaves your Last Will and Testament without any funds and could inadvertently leave a young child with a lot of assets and responsibility. Stating, Estate as your beneficiary means that all assets will be distributed according to your Will. The Will can then state how to properly distribute assets.

A Will simplifies beneficiary changes so altering information can be done with only one document (The Will) instead of requesting Beneficiary Change forms from multiple insurance companies.

Children should not be listed as beneficiaries. Instead the funds should be held in a trust that is controlled by an executor. The executors control can be held to any age. 18 if the funds are to be distributed after high school or 22 if the funds should be held until after college or some point that the value of what's been left is understood, respected and not wasted.

That executor does not have to be the guardian but must understand that the appointed guardian, as well as the child, may require funds to improve a child's quality of life.

A Living Will is an aid given to loved ones. Loved ones that could be put in a position to decide your fate without totally understanding your wishes. A choice they don't want to guess at or fight over with other family members. A Living Will declares at what point you feel your quality of life has suffered to a point you no longer wish to be a burden to others. It states decisions you make even when you're not conscious to make them. Again, it's not only about what you want, it’s how to let your family know they have done exactly what you wanted them to. This will help ease their burden at a time when they may need it most.