If You Are a Parent This is Why You Need a Will
As a parent, you have already made a commitment to take responsibility for your children. However, your responsibilities run further than taking care of them on a day-to-day basis. This is because you should do all you can to ensure they are taken care of even after you have passed away. To do this, you should put a Will in place. Here are the three main reasons why you need a Will.
Keep It Simple For Your Children
If you have ever had to deal with an estate where there is no Will or estate planning then you will understand the problems that you can face. You will find yourself second-guessing what the deceased might have wanted, where they wanted to be buried for example. Worse still, you might know that the distribution of their estate that takes effect under the intestacy laws is not actually what they would have wanted. There are so many questions yet so few answers. As a result, you should be thinking about making life as easy as possible for your children. You are able to answer all of these question within your Will so that they have the answers when you pass away and can ensure your wishes are carried out.
Put Guardians in Place
Many parents fall into the trap of believing that their children will automatically pass into the care of a friend or relative. Without appointing guardians within a Will this will not happen and the decision will be left with the courts. This can cause a lot of distress for children and can result in them being cared for by someone you wouldn’t have chosen.
Thinking about who is going to care for your children when you pass away is never a pleasant thought. However, you are doing right by them by making that decision now.
Make Them Financially Secure
Regardless of the age of your children, you will need to determine how much you want them to inherit when you pass away and when you would like them to receive it. If you pass away without a Will, the laws of intestacy will take over your estate and will determine how your estate is divided up. This will define where your money goes and, in most circumstances, it can lead to problems. Writing a Will is the only way to ensure your wishes are legally documented and can be followed. This will ensure that everyone gets what you want them to get.