Parents of young children have many responsibilities. This includes caring for their children on a daily basis and ensuring that a plan is in place for their children’s future care. If you’re a parent, it’s important to take the time to create a will.
A will will help to protect your children from the unexpected. Take a look at the following reasons as to why you need a will. If you have any questions about your need for a will, meet with an estate planning attorney.
- Your children need a guardian!
A will gives you the opportunity to appoint a guardian for the care of your minor children. If you want to determine who cares for your children and want to make sure that your children are indeed always cared for, a will is a necessary estate planning document. You never know when the unexpected will happen.
If you don’t nominate a guardian in your will, the court will decide who raises your children and it may not be who you’d decide.
- Your children need their assets managed!
No matter how much you choose to leave to your children after your death, it’s important to have a plan in place so that their assets are handled correctly. Children cannot inherit directly.
With a will, you’re able to decide who will manage the assets that you leave to your children. You can choose to allow the guardian of your children to handle the assets, or you can appoint someone different. Choosing a responsible adult will best ensure the assets are handled appropriately and with care.
If you don’t create this authorization in your will, the court will decide who’s in charge of your money. And, it may not be who you’d choose.
Take the time to create a will. Many people disregard this important estate planning need, and then find that their wishes aren’t followed in the future. If you have additional questions as to why parents with children need a will, or if you’d like to create your will, consult with a qualified estate planning attorney.