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Why do new parents need a will?

On Behalf of | Sep 13, 2021 | Estate Planning

A new baby brings a whole host of happiness, love and responsibility to a young family. Soon after the new addition arrives, you should create or modify your estate plan.

The foundation of your estate plan is a will. It is the document that sets out who gets what after your death. As a new parent, the prospect of leaving your child may seem sad, but your will continues to care for your child when you no longer can. Discover a few of the reasons you need to have a will after becoming a parent.

Choose a guardian for your child

Should a sudden illness or injury take your life quickly, you may not have the time to arrange for your child’s care. One of these is determining the person who will raise your child until he or she reaches 18. Naming a guardian in your will allows you the opportunity to choose someone you trust to raise your child in a manner that meets your approval.

Appoint the person to handle finances

You may want to ensure your child has access to the money you intended. Aside from a physical guardian, you may choose to appoint someone to handle the finances for your child. This may include money for the private school, college or a first home. Your will allows you to name the person to handle finances on behalf of your child.

Ensure property passes seamlessly

A will ensures that those you love get the things you want them to have, such as heirlooms, property and cash. In a will, you have the opportunity to list out the things you want each person to receive.

Creating a will is crucial to your child’s care after your death.

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