There are a lot of benefits to being a young parent, one of the biggest of all being that you’ll most likely live to see a large portion of your child’s life and quite possibly those of your grandchildren. But the truth is that nobody can predict the future. As unpleasant as it is to think about, it’s crucial to take the wellbeing of your family into account should you unexpectedly pass away or become otherwise incapacitated. Even a young, healthy parent needs a will!
Again, this is often not the easiest subject to think about, but it is important nonetheless. Having a will in place ensures the financial security of your children should anything happen to you, and you can also name whom you would like to become their legal guardian in your absence (for most young parents, writing a will is more about this than it is about assets or anything else). Here are some other things young parents should be considering when it comes to estate planning:
The Court will Select a Guardian if You Don’t Name One
If something happens to you and you do not have a guardian already picked out for your children, who takes care of them? The local court will select a guardian for them instead, without knowing what you may or may not have wanted. For example, in most cases a relative is chosen, but what if it is someone whom you know is not suited to raise your children? Don’t count on local officials to know these people as well as you do.
Taking the time to write your will now allows you to make sure your children will be in good hands. If necessary, you can even name different guardians for each child.
Financial Assets Aren’t Everything
Many young people don’t have much in the way of financial assets, but a will isn’t just about that. If you have any possessions at all that you would like specific things done with (for example, if you have a book collection you would like to go to someone in particular), you can make that clear in your will. Otherwise, your possessions will be divided up without any of your input.
If you have a life insurance policy (or are interested in getting one), you can also make that part of your estate plan. The two can coincide to make sure that your family members receive some form of financial support after you’re gone.
A Will Prevents Unnecessary Drama
Deaths are never a joyous occasion, especially when they are unexpected. However, the stress is increased tenfold when there is no will in place to follow. Arguments over child guardianship and what should be done with the deceased’s possessions are all too common, which of course only adds to the initial grief and agony. You can even request specific funerary arrangements in your will, making it so your loved ones don’t have to figure those things out for you.
Sure, this stuff isn’t easy to think about. But by taking care of these details now, you can rest easy knowing that your family will not go through unnecessary difficulties should anything happen to you. Most importantly, you can make things as easy as possible for your children and help ensure the security of their future.
Contact us today to learn more about writing a will as a young parent and how we can help you take control over anything the future might bring.