Think about this for a moment:
If you have children, a spouse, or other loved ones depending on you for financial support, make sure to make a will. A will ensure that your assets and money are distributed in the way you want them to be. It also protects your family from being burdened with additional taxes and fees because they don’t know what kind of distribution they should make if something happens to you. In this blog post, we will discuss why it is important to make a will and protect your family!
Why Should You Make a Will When You’ve Had a Baby?
If you are married and your spouse doesn’t want anything or has their estate plan, eligible children may have rights under the law if they do not share in any of your assets.
It’s also worth discussing these issues with an attorney who can ensure that you don’t leave any loose ends to your estate and talk about a will so that the distribution of assets is set up according to what you want.
Here’s an interesting fact:
Studies show that as many as 50% of parents do not have a will in place when they die. This can put an undue burden on the surviving spouse and children because it is then up to them, often with little or no legal guidance, to figure out how assets are distributed among heirs who may be scattered around the country.
The following points illustrate why having a will before your baby arrives could make all the difference for your family:
Let’s have a closer look:
- You may want a specific letter of instruction about what happens to any personal property you enjoy;
- You might also want specific preferences followed regarding the use of proceeds from life insurance policies (e.g., whether these funds should go solely into savings accounts);
- There’s always time to make new arrangements for your family and make sure that all the details are covered.
There is a wealth of reasons to have a will in place before the baby arrives on the scene. If you don’t have one yet, then it may be time to take care of this important matter so that you can rest easy. If you are struggling with your content, a marketing consultant can provide you with assistance.
Make sure all property, money, other assets go according to your wishes. Pay off any debts or mortgages on the property to avoid debt collectors burdening family members with them when they inherit from you.
As I mentioned, it’s important to discuss these matters with a trusted lawyer before you need one—it may be difficult or impossible to do this once life has gotten busy with a baby on board!
If You Are Unmarried With Children?
It’s best to have some plan for what happens if something were to happen because the laws vary by state and can be complicated.
An important issue to plan for is the designation of a guardian. If you don’t designate one, your minor children will be subject to adoption by the state. You may also want a trusted person or friend who can make medical and educational decisions on behalf of your child—especially if any special needs require extra attention if something happens to you because your wishes will be considered when making decisions on behalf of your child children.
What needs to be discussed is the designation of financial guardians for a child or adult child with disabilities who cannot make their own legal and financial decisions.
Doing this while things are still going well will make it easier for your family to deal with the aftermath of a tragedy. Make sure your family has someone who loves them when they need one most.
Writing a Will
Making a will is one of the most important things you can do to protect your family.
Without a will, everything that is yours would be given away either by intestate succession or under state law—leaving your loved ones with nothing. Moreover, if there are any special needs for your child (such as medical care), then make sure you have someone who will oversee those needs.
On the other hand,
It helps make sure that your family has someone to care for them and help them if they need anything. It also gives instructions about who gets what, so there are no arguments (or at least fewer) among the survivors about how much each person should have or which assets should go to whom.
Why Make a Will?
It protects your family from arguments and fights among the survivors. It also provides instructions about who gets what assets2 in case of death or incapacity.
A will is a legal document in which you decide what to do with your property after death. It can also specify who should decide how children are raised, the care and education for other dependent family members (such as elderly parents), and even burial instructions or charitable donations. You might not think these things matter now, but your family will need help with these decisions when you are gone.
You can make a simple or complex will depending on what is needed and desired for each person in your life: spouse, children (biological or not), parents, etc. For example, some people choose to have two wills that specify who gets which assets if something should happen to one of them.
If you have children, a will is particularly important in naming the guardian for them. However, it may also make sense to call someone other than your spouse as executor of the estate if it has been years since you’ve lived together and raised kids together.
It’s best to get legal advice from an experienced lawyer to make sure your will complies with the law where you live.
Sadly, only one-third of Canadians have a valid will, and many people change their minds about who they want to inherit from them as they get older – or when someone close dies unexpectedly. So the importance of leaving a will for your family cannot be overstated.
Why Last Will Is Important?
A will takes care of your family’s needs after you die. So your good name is preserved and not dragged to the courts for someone else to decide what happens with it.
You make sure that no one can take advantage of them when they are grieving over losing you, and it ensures that your loved ones get what you want them to have.
It keeps your family from having to go through the emotionally draining process of fighting over what should be done with your estate.
What Happens if I Die Without Leaving a Will to My Family?
If you die without a will, the law declares that your estate goes to someone else. However, you have no say in how it gets divided up, and there is often conflict among group members about who should receive what part of your assets. If these people are not close with one another (and even if they are), this can make for an emotional and expensive legal battle.
What Should You Include in Your Will?
The most important thing to include is a distribution of your estate. This includes things like what happens with your property, who should inherit it, and how you want them to divide or share the assets between each other. Other things that may be relevant are whether there’s anything left over for anyone else outside of family (like charities), what you want to happen with any animals, and who should act as executor. Finally, make sure that if your will is notarized in one state, it’s also filed there so the process of probate can be avoided.
You might want to make sure that any property, money, or other assets are transferred according to your wishes- so for example, if you have children from previous relationships with ex-partners, they must receive an equal share of the inheritance as any children that you are raising with your current partner.
Should Each Member of the Family Get the Same?
This is a great question. Let’s say you are married with three children and one of them has special needs. You want to make sure that the person who will be caring for your child gets some money so they can do their job effectively, but this would mean giving less to each other family member than if there were no special needs child. Everyone’s situation will be different, but it does make sense for the person who has your estate in their name (the executor) to take some time with you and figure out what would work best for each family member before distributing the assets.
You should leave a will for your family because it can protect them from many uncertainties that may arise in the future. It also saves them from going through court proceedings when someone dies without a will, and there are disagreements about who inherits what.