WHAT DO MOST PEOPLE DO?

Nothing.  Almost half of Americans have no will or estate plan.  They leave their affairs to chance and burden their families with cumbersome and expensive options. 

For those who do have the forethought to plan, the most common arrangement is to leave everything to the surviving spouse.  If there is no surviving spouse, there would be a trust for the children.  The trust provides money may be used for their health, education, maintenance and welfare (including college, buying a home, getting married) with the balance paid out over a period of time after they reach a mature age.  If one of the children has special needs the trust could be tailored to protect and provide for them.

This might not be the best plan if the estate exceeded the death tax limit or if there were children of a prior marriage to consider but it is a common starting point.  We will tailor your plan to meet your family's needs.