Everyone should have a will in place. For new parents, however, the importance of establishing a will becomes even more pronounced. Here, we will discuss several compelling reasons why now is an opportune time for new parents to create a will.
New Parents—Why Now Is A Good Time to Create a Will
Here are five big reasons why new parents should not delay in creating a will:
- Protecting the well-being of your children: While no one can predict the future, a will can help ensure the well-being and continued care of your children regardless of life’s twists and turns. In the event that both parents were to pass away, a will allows you to appoint a guardian of your choice for your children. This means you can help ensure that your kids are raised by someone you trust, in an environment that aligns with your values and beliefs.
- Supporting your children’s financial needs: A will provides a clear and legally binding way to distribute your assets. This is particularly important for new parents as it allows you to designate how your assets will be used to support your children’s financial needs. In addition to a will, you might want to establish a college fund, or other financial tools to help ensure that your children are financially supported.
- Avoiding family disputes: Without a will, the distribution of your assets and the selection of a guardian for your children can easily become the source of family conflict. Such conflicts can end up impacting your children the most. By creating a clear and legally enforceable will, you can minimize the risk of disputes among family members by making your wishes clear, thus ensuring that your children are properly cared for and financially supported.
- Expressing your wishes: Creating a will allows you to express your wishes for the future in a legally binding document. You can specify how you want your assets distributed as well as your wishes for what kind of values and principles should guide your children’s upbringing. This can provide clarity and peace of mind for both you and your family.
- Avoiding intestacy laws: If a person dies without a valid will in place, the state’s intestacy laws will determine how your assets will be distributed after you pass away. This will happen regardless of whether that is how you would have wanted your assets distributed or not. Thus, having a will in place allows you to take control of how your assets are distributed to your loved ones after you pass away and avoids the need for the state’s intestacy laws to come into play.
Estate Planning Attorney
New parents, the time to estate plan is now. You may not be able to control the future, but you can put legal protections in place to help protect and promote your goals and preferences. Reach out to the team at Verras Law for assistance. Contact Verras Law today.