WHAT HAPPENS TO MINOR CHILDREN?
If you have no estate plan, the consequences for your children can be a disaster.If they are under 18, the Court will choose their guardian - the person responsible for their care and upbringing. This is bound to cause family discord.
The Court will appoint a conservator to administer your assets through a costly and cumbersome procedure. The conservator is limited in the type of expenses he is able to pay.
With an estate plan you can:
Name their guardian
Name the person who will administer the assets
Place restrictions on use of the assets
Provide that assets pass to your children after age 18 or with strings attached such as "half upon graduation from a four year course of study at a recognized college or age 25 whichever first occurs and the remaining half at the age of 30."