Moms and Dads, this is WHY you need a Will or Trust!

     

If the Dark Lord were to apparate in front of you one day and be like "yo, I want your sneakers... AVADA KEDAVRA!!" You would most likely pass onto the other realm and lose your sneakers (unless you have wizarding powers). But have you thought about what would happen to your child or children?

Well, there are three common possibilities:

1) Court Appointed Guardianship
          If you do not have a Will or Trust set up, the state court system (a.k.a. the Ministry) will actually select a person to be the legal guardian of your child. Thats right! A white-haired Cornelius Fudge will choose where your baby goes!
     
The court's appointment system is designed to work in the best interest of you, the deceased. So, the court will usually follow statutory successions of Guardianship appointment. (meaning that your parents or your siblings could be the guardians).
       
The cons are, well, you don't get to select a guardian for your children or talk to those people about taking care of your child. So, if you have estranged siblings or parents, your child could end up them. Who knows, they could actually be a portly family obsessed with self-indulgence (not unlike the Dursley's).
     
 Also, a BIG ALSO, if the court appoints a guardian, every time that guardian wishes to make a decision concerning the relationship with the child or his inherited property, the guardian must seek court approval. This means you spend much more money in the long run because the court will charge court costs for every visit.

2) Court Appointed Conservatorship
       This possibility has the same pros and cons as the appointed Guardianship; however, there is one difference: The appointed Conservator does not have AS MUCH court involvement. So, once the court appoints someone, that person will be able to do as he pleases with the future of the child with little interference from the courts. Which means little long term court costs.

3) Will or Trust Appointment
     When you create a Trust or Will, you are able to lay out your complete and total wishes for your child. You can select the guardian and instruct the manner in which you wish the guardian to raise your precious bundle of joy.  Also, that person (hopefully someone you trust and love) will be free from court costs and interference when abiding by your wishes.
   
This guardian owes a fiduciary responsibility to the child and to your wishes. Meaning that the guardian has to act in your child's best interests in accordance with the purpose of your trust. There is no reason not to do this option.

So, before you are confronted by He-Who-Must-Not-Be-Named, or something else equally deadly, plan ahead for your child. Make sure your little Harry Potter gets the best future possible - Set up your Will or Trust.   ;)