Whether you just found out you and your partner are expecting a child or welcomed your little one into the world, you may be overjoyed. However, as a parent, there are new considerations you’ll have to make that may not be pleasant to think about. Unfortunately, many parents may not consider the importance of writing a will when they have children. If you’re unfamiliar with what to include or why you should write a will, the following blog explores what you must know about these matters. Additionally, you’ll want to keep reading to learn how a Nassau County estate planning lawyer can help ensure your loved ones are protected.
What Is a Will?
A will is one of the most essential estate planning documents you can create, as it encompasses your wishes in the event you should pass away. Though it can be upsetting to think about passing away, it is important to plan to protect your assets and provide for your loved ones in a worst-case scenario.
Essentially, the main function of a will is to determine how you would like your assets and property handled after your passing. This provides a greater say over how your estate is distributed upon your passing. If you die without a will, the state will assume control of your assets and distribute them according to the intestate laws of succession, which means certain relatives may be entitled to portions of your estate.
Why Do I Need to Write a Will if I Have Children?
If you have children, creating an estate plan is critical to protecting them. One of the primary benefits of making a will, aside from financially providing for your children by passing along assets, is that you can dictate who will care for your little ones should you pass away. Though you may not want to think about this possibility, taking the time to consider who you would entrust your children with is critical. Additionally, naming this person in your will makes it legally binding. If you do not name an individual, the courts will choose a legal guardian for them. Creating a will is crucial so you have a say over who will care for your children.
As mentioned, creating a will allows you to care for your family after you’ve passed. This includes leaving assets and funds to your children. One of the benefits of creating a will is you can establish how these matters are handled. For example, you have more control over how you want to divide assets among your family, instead of passing away without a will. In addition, you can appoint someone to handle your children’s finances until they are old enough to do so on their own, providing you with extra peace of mind.
Creating a will is a complex legal process that requires an understanding of estate law. As such, it’s in your best interest to connect with an experienced attorney as soon as possible, as they can help you ensure that your estate plan accurately reflects your wishes. That’s why the team at Barrows Levy is committed to helping you through this process. Connect with us today to learn how we can assist you if you want to write a will.
