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Why parents should have a will

On Behalf of | Jul 25, 2022 | Estate Planning |

You may think that wills are only for the elderly. But every family should have a will in place, especially families with children.

A will can protect your children, your assets and your extended family should the unthinkable happen and you die. The gift you give your family by having a will is immeasurable.

Why every parent should have a will

A will ensures that the court carries out your wishes regarding your family and your assets in the event of your death. A will would address all of these factors:

1. Establish a guardian for your children

A will would name your preferred guardian for your children. Deciding now who would raise your children in the event of your death could save your family a lot of heartache, and keep the decision out of the hands of the court system.

2. Choose a personal representative

By choosing a personal representative, you name the person who will administer your will. This person will be responsible for distributing funds and assets per your wishes, so pick someone that you trust and feel can live up to the responsibility.

3. Delineate the distribution of your assets

Your will can determine the future owners of your home, car, jewelry and all other items after your death. Without a will, the probate court makes these decisions, not your family.

4. Establish a trust

You may wish to establish a trust for your children, holding assets until they are old enough to manage their inheritance.

Drawing a will can feel intimidating, but help from an experienced attorney can make the process much smoother. You owe it to your family to be sure you have a will in place.