What Parents of Young Children Should Consider Putting in Their Will
It’s vitally important if you have young children that you have a will. This document will ensure that if something were to happen, your children would be protected. Here are some of the things that you should consider when creating your will.
Consider Your Wording
A will is a legal document that allows for you to have a measure of control even after your demise. This is where you can put your wishes and desires for your property and the care of your children. Be specific when it comes to how you want your affairs handled. Another thing to consider is that you need to assign definitions to the terms that you use. Spell out who you are and the relationships that exist within the will. For example, use your name and the other names that are involved.
Include All Assets
Make a list of all of your assets. This will make it easier for everything to be handled from one place. If assets aren’t listed in the will, they may have to enter a lengthy court process to be distributed. Consider using a clause that will account for spillover assets. Clearly state your intention that any assets not included should also be considered a part of your estate. If this clause is missing, the assets involved will have to enter into a probate process. This can take months or years to resolve.
Terms of Guardianship
Who you want to raise your children is an important component to your will. Consider the age and the health of the guardian that you name in your will. They may not be around for the long-term. For this event, select a secondary possibility for a guardian. Make sure to discuss your wishes with the guardians that have been named in your will. This will ensure that they’re up to the task if the need were to arise.
Establish a Trustee
Young children aren’t normally allowed to inherit your assets directly. The typical way to handle these situations is through a trust fund. This means that you’ll need someone to handle the matters regarding the establishment of the trust. You may decide that the guardian assigned to your children also be the trustee. Another solution is to assign another person to handle this task for your children. This can remove the conflict of interest that comes with handling money for your kids.
Use a lawyer to help you with your estate planning needs. This will ensure that you have all of your bases covered.
Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She enjoys kayaking and reading books by the lake.