A tough, but important decision

Creating a will isn’t just about planning for the worst; it’s a proactive step to secure your family's future. This isn't just for the wealthy or elderly; it’s important for all parents who want to protect their loved ones and plan for their children's future. 

What is a will & why is it important?

A will is a legal document that outlines how you want your assets distributed and who will care for your child if you pass away. 

Designating guardianship for your child

Choosing a guardian for your child is one of the most crucial reasons to create a will. If something happens to both of you, the will ensures that your child is raised by someone you trust. Without a will, the court will often decide, which might not align with your wishes.

Distributing assets according to your wishes

A will lets you specify how you want your belongings - like your home, bank accounts, and personal items - to be shared among your loved ones. You can also consider setting up a trust that will manage your assets and distribute them to your child at specific milestones, such as reaching a certain age or graduating from college.

This will help ensure that your child's future is secure and that they have the resources they need to succeed.

Making it straightforward for everyone involved 

Losing a loved one is already difficult. Without a will, your family may face a complicated legal process to settle your estate. Family members might also disagree on how to divide your assets or who should care for your child. This can lead to emotional strain and legal battles. A clear will can simplify this process, allowing your loved ones to focus on grieving and supporting each other during a tough time.

Choosing a guardian

When selecting a guardian, consider someone who shares your values, has a strong relationship with your child, and is financially and emotionally stable. It's also essential to have an open and honest conversation with the potential guardian to ensure they are willing and able to take on this responsibility.

Think about values & parenting style

Choose someone who shares your beliefs and parenting style. It's important that they raise your child in a way that aligns with your values. This will help your child adjust better, as they won't have to adapt to a completely different environment.

Consider age and health

While grandparents might seem like a natural choice, consider their age and energy levels. Your guardian should be able to keep up with your child's energy and care for them until they're grown.

Consider financial stability

Pick a guardian who can provide for your child's needs, including education, healthcare, and extracurricular activities.

Think about location

Consider where the potential guardian lives. It should have good schools, a supportive community, and possibly family nearby for extra love and help.

Relationship with your child

Choose someone who already has a close bond with your child. This will make the transition easier and provide comfort during a difficult time.

Willingness to take on responsibility

Being a guardian is a big responsibility, so make sure the person you choose is ready for the challenge. Have an open and honest conversation with them to ensure they understand what's involved and any financial support you've arranged, like life insurance or a trust.

Creating a will

It’s a good idea to consult an estate planning attorney when creating a will. These experts can help ensure your will is complete, legally valid, and tailored to your needs. They can assist with important topics like taxes, choosing guardians for your children, distributing your assets, and naming an executor. An attorney can also help you structure your will to prevent conflicts and fulfill your wishes.

Once your will is drafted, it must be properly signed and witnessed to be valid. Requirements vary by state, so check the laws where you live. Usually, you’ll need to sign your will in front of at least two witnesses, who will also sign it.

Some states may require notarization or specific language. Your attorney can guide you through the signing process to make sure everything is done correctly.

Reviewing & updating your will

Important events, such as having more children, getting divorced, or experiencing significant changes in your finances, should prompt you to review your will.

Even if nothing major happens, checking your will every 3-5 years is wise. This helps ensure it still reflects your current wishes and situation. As your relationships, priorities, and finances evolve, your will should too. Regularly reviewing your will allows you to make necessary updates, ensuring it effectively protects your loved ones and distributes your assets. 

Additional considerations 

Discuss updating your beneficiary designations to add your child on life insurance policies, retirement accounts, and bank accounts. These designations take priority over what’s in your will, so it’s important they match your wishes. If you don’t have life insurance, discuss whether this is a good idea for your family.

It can provide financial support for your family if you pass away unexpectedly. It can help replace lost income, pay off debts, and cover your child’s education costs. When choosing a policy, think about how much coverage you need, how long you want the coverage to last, and what you can afford. It’s also important to regularly review and update your life insurance as your family’s needs change.