According to NHTSA estimates, 9,560 individuals died in motor vehicle traffic accidents in the first quarter of 2022. This statistic demonstrates that no matter how healthy you may be, death can come unexpectedly. As a parent, it’s especially important for you to be prepared for this possibility. Without a will, you leave significant choices in the hands of a local court and the laws of your state. You won’t be able to choose who inherits your estate or other possessions. Additionally, having no will may make matters more challenging for your children after your passing. You shouldn’t wait until you have a health problem. It’s perfectly fine and possible to write a will in good health without the thoughts of jinxing yourself. Here are the top reasons you should make a will as a parent today.
Come Up With an Estate Plan
According to LegalZoom, 77% of adult American citizens, regardless of wealth, agree that estate planning is crucial. Some, however, believe that having an estate plan simply means drafting a will or trust. To ensure that your assets are easily handed to your heirs upon your passing, there is much more to consider in your estate planning. There are particular estate planning documents, such as a will or trust and a healthcare power of attorney. In addition to long-term care insurance, life insurance, and lifetime annuities, a well-designed estate plan should include purchasing insurance products to protect beneficiaries against probate.
Select a Guardian for Your Kids
If you have little children, you can name a guardian for them in your will. The surviving parent typically receives complete legal custody if one parent passes away, but one of the most crucial reasons for having a will is if both parents pass away. A court will have to select your guardian if you don’t name one in your will. This can mean that someone you wouldn’t have chosen will be in charge of your children.
Reduce the Likelihood of Family Conflicts
It makes sense to have a will if your family dynamics are complicated. Your family will have to assume your final desires if you pass away without a will. As a result, they could disagree on some issues. This ambiguity can lead to conflict and even battles that can last for a lifetime. Making a will solves the issue by taking the guesswork out of the equation.
Name Trustees to Manage Your Child’s Inheritance
Your children’s assets must be held in trust if you pass away before they are of legal age to inherit from you. You must designate a dependable individual — the trustee — to oversee that trust. Consider carefully who would be the ideal person to look after your children’s assets and assist with future planning. The trustee has financial authority over your children. You may name your spouse as one of the trustees, along with one or two additional or replacement trustees if both of your parents pass away. When children under the age of 18 are beneficiaries of your inheritance, it is crucial to have two trustees.
Leave Instructions for Your Digital Assets
Your online accounts, like Facebook or email, and digital files or property like crypto are examples of your digital assets. A person you name in your will can look after these assets after your death. You can designate specific individuals to handle them and specify how you want them handled (for instance, whether you want an account closed).
Put Your Final Wishes in Writing
Are you drowning in nappies and Legos or planning graduation parties? No matter how far along in parenthood you are, a will is something you need to come up with immediately. In order to prepare for the worst-case scenario, it’s important to have an estate plan made up of three parts: a last will and testament, general power of attorney, and health care power of attorney. Planning all of these items effectively will help to ensure that your wishes are met if anything happens to you.