Why should parents have a will?

On Behalf of | May 2, 2021 | Estate Planning

Discussing your will is a hard pill to swallow. After all, no one likes looking their own mortality in the face in such a real and tangible way. But it is something that everyone should do, and it is especially important for parents.

But why is it so crucial to have a will? And when should you create it?

What happens to your child?

Parents.com discusses the important topic of whether parents need a will. You should create one as soon as possible. There is no real reason to delay or put off creating a will, and doing so may only serve as a detriment.

The biggest potential reason as to why you should not wait? Your children, and what will happen to them in the event of your death. If you are a single parent, this is likely going to be a bigger concern. But even two-parent households should recognize the slim but real possibility that their children may end up orphaned someday due to unexpected tragic circumstances.

Your will serves as a strong suggestion in most states, but it is a suggestion that the courts often respect. Without it, they have no idea what you want to be done and will fall back on the state default laws. Your children may end up in the custody of your in-laws or someone whose parenting style you strongly disagree with.

What happens to your assets?

You also want to dictate the distribution of your property and assets. It does not always default to your spouse alone, and if your children are underage, this could serve as a legal headache for everyone involved.

The last thing you want to do is complicate matters or make them harder than they need to be. Creating a will while your children are young may help lessen some of your worries about a few of the what-ifs in life.