Without a will in place expressing your wishes for your assets in the event of your death, matters for your family can get complicated. There is a looming uncertainty of what will happen to your life's work, your family, your money, and especially your child or children. Creating a will for new parents not only gives peace of mind, but it also helps to eliminate the possibility of your children not having what they need after you pass. In this article, we review the essential components needed to form your will in order to protect your children.
For many, making a will is not at the forefront of their mind. It can seem like a consuming and complicated process. Hence, many avoid making a will and in the event of death, leave their loved ones with no direction. Whilst many see a will as a simple list of how your assets will be split, there is so much more to it. Questions loom like should each child get the same inheritance? What happens to debts and other monetary necessities? A standing last will and testament can absolve these issues.
Making a will not only ensures that your affairs are in place once you're gone, it is also a critical way of ensuring that your wishes for what happens to your kids are carried out accordingly. Making a will for new parents ensures that your child is taken care of. The process of putting plans in place to secure your child's future is simpler than you thought”¦ we'll share all you need to do.
What Is Guardianship?
To ensure that your kids are taken care of in your will, you can appoint a designated legal guardian to take care of your kids and all their needs in the event that you pass away. Appointing a legal guardian for your kids is an effective way to ensure that they receive the support they need.
Guardianship is an effective solution for securing the future of your kids before they reach adulthood. Through selecting a guardian, you can rest easy knowing that your kids are well looked after. Choosing a legal guardian for your child is not an easy process, however.
A guardianship is a legal process which is established by allocating a legal guardian to take care of a person you care for such as a child, in the case where you are no longer able to care for them. The guardianship involves a named person assuming responsibility of care for all matters including:
Education
Finances
Medical care
Housing and food.
There are two types of guardian. A legal guardian is characterized as a single person who is responsible for the care and custody of the person under guardianship, such as a child. Whereas a guardian of the estate is characterized as a conservator responsible for carrying out instructions provided in a set estate plan and managing finances.
You can either allocate one person to act as both the legal guardian and the guardian of the estate. Or, you can allocate separate people to carry out each role.
How To Name An Unborn Child In A Will
Making a will not only provides a way of securing the future of your existing children. If you're a new parent, your will can also provide security for future children, unborn children or legally adopted children. Doing so is an easy process as it only requires including specific language that states that you wish to include ”˜any children unborn to me.' However, it is advised that you update your will after the birth of your child in order to add their name and date of birth.
Find more information on providing for an unborn child in a will.
What Happens When You Die Without A Will?
In the event that you die without a will in place, those left behind may be left with stress and uncertainty. For loved ones left behind, losing someone is distressing enough without the added pressure of having to sort out someones' estate. Without a will in place in the event of your death, there is significant uncertainty surrounding the destination of your assets as there will be no guarantee that your assets will go to the people you wished it would.
Additionally, without a will in place before you die, you'll have no say in what happens to your children, what they will receive, and who will take care of them. This can become complicated if your children are in the care of a parent who is still living as they will not be able to access funds to raise your children.
Furthermore, in the event that both you and your partner die and your children are left behind, without a will in place, your estate will be taken care of by the state and social services would step in to appoint a carer to raise your children. Hence, making a will is critical to ensure that you have your say on who you wish to raise your children.
Creating A Will As A New Parent
Creating a will is essential for ensuring that your affairs and those you love are taken care of in the event of your death. With online will services available, making a will has never been easier. Gone are the days of endless consultations and delays on signatures. Online will services such as Wills.com make will writing easy, quick and effortless. Wills.com helps you to create a legal document that enables you to express your wishes and secure your assets. In only a matter of minutes, you can create a state-specific legal will. Find out more how To Leave Money To A Minor Child.
Why Wills.com
At Wills.com we value efficiency. Hence, we provide a solution to the traditional will service that enables you to create a comprehensive legal document that enables you to state your wishes of guardianship for your children to ensure that they are taken care of in the event of your death and that your assets are securely managed. Whether you're looking to protect the future of your existing children, unborn child, or legally adopted child, Will.com makes putting your affairs in order easy, providing an efficient service and peace of mind.