for your children in trust, he or she would have to supply the court with an accounting of how the money is used each year. Moreover, if you and your partner both died without a will, the state courts and social services department would appoint someone to raise your children. And that person might have very different ideas about parenting than you do. Even if you think you have almost no property to leave your children, it's worth making a will to make sure you get to choose their guardian I think this article gives you a false sense of security if you prepare a will only. Wills are not even looked at until after you die. If you are in a car accident for example and end up in a coma or on life support, it isn't looked at. Also, just because assets are mentioned in a will, doesn't mean that they won't be taxed. In California, if both parents were to die, any assets over 100,000 are put through probate, even if mentioned in a will. Probate takes AT LEAST 5% of all your assets (even your home, if you owe more than it is worth). Do yourself a favor, protect your kids and set up a living trust in addition to a will. This acts as a tax shelter, avoiding probate, sets up guardianship and is looked at during your lifetime. Lastly, don't try to do this yourself unless you are well versed in this subject. Pay