This is an uncomfortable but necessary subject. Have you considered what would happen to your kids if you and your wife died in a car accident for instance? We discussed it recently and decided to specify my brother and his wife as guardians, with his agreement.
Yup, will & trust and all that stuff is setup. Took my 32 years to do it, but it is done. The trust did cost a bit more then a plain will, but it covers a lot more. We setup who will take the kid(s), and have someone else handling the money.
Since my wife and I are separated and no chance of ever getting back together, neither of us have a will. But if something happened to her, I'd get our daughter and vice versa. I do have a life insurance policy, though.
We were advised to make a living will before we were married. We did that and have changed it a couple of times (adding our children and changing beneficiary).
