You might believe that a will is only something you set up when you get old but that is not the case, especially if you have become a new parent.
The arrival of a new baby is a time of joy and excitement, but it’s also a period when parents should consider important responsibilities, such as creating a Will. While discussing end-of-life matters may not be the most uplifting conversation, it is undeniably crucial, especially for new parents.
Wills and probate solicitors emphasise that creating a will is not just for the elderly or the wealthy; it’s a responsible choice for parents of all walks of life. In this article, we’ll delve into eight compelling reasons why new parents should not postpone the task of writing a Will.
Appointing Guardianship
At the top of the list of reasons to create a Will as a new parent is the ability to appoint a guardian for your child or children. This legal document allows you to designate who will assume the responsibility of caring for your child if both parents are unable to do so.
Without a Will, the decision may fall into the hands of the courts, who may not be fully aware of your child’s unique needs and preferences.
When you really think about it, would you want your children to end up in the care of people you don’t want them to? This highlights the importance of setting up a Will.
Setting Up Trusts for Children
Wills offer new parents the opportunity to establish trusts for their children. This provision enables you to allocate specific assets or property for your child’s future needs, such as education, healthcare, or other essential expenses.
Trusts can also serve as a protective mechanism, ensuring that your child’s inheritance is managed responsibly until they reach an age or maturity level where they can handle it themselves.
Thoughtful Asset Distribution
Your will serves as the blueprint for how you want your assets distributed upon your passing. As new parents, this is crucial to ensure that your spouse or partner and your children are provided for.
Without a Will, laws ill dictate how your assets are divided, which may not align with your desires or the needs of your family. So, this could result in your assets being shared unfairly or not in line with your wishes.
Safeguarding Minor Children’s Interests
Wills can incorporate provisions for protecting minor children’s interests. You can specify how you want their inheritance managed until they reach a certain age or attain specific life milestones. This ensures that your children are financially secure and supported throughout their growth.
Choosing an Executor Wisely
A Will empowers you to designate an executor, the individual responsible for managing your estate and ensuring your wishes are carried out. It’s crucial to choose your executor carefully, as this person plays a pivotal role in the probate process, ensuring that your affairs are settled smoothly.
Minimising Family Conflicts
The loss of a loved one can be emotionally charged, and without a clear will, disputes among family members concerning asset distribution can intensify. A well-drafted will can help minimise conflicts and provide a clear roadmap for how assets are to be distributed, alleviating potential tensions during a challenging time.
Avoiding Intestacy Laws
Failing to create a Will means your estate will be subject to intestacy laws, which vary by jurisdiction. These laws may distribute your assets according to a predetermined formula, which may not align with your wishes.
Writing a Will ensures that you, not the state, make these critical decisions regarding your legacy.
Peace of Mind for Parents
Amidst the sleepless nights and countless baby bottles, writing a Will may not seem like a top priority. However, the peace of mind it brings is immeasurable. Knowing that you have taken steps to protect your family’s future, both financially and in terms of guardianship, can provide immense relief and security, allowing you to focus on the joys of parenthood.
Reasons to write a Will as new parents…
While becoming new parents is a time of immense joy and adjustment, it’s also a period when responsible planning becomes paramount. Writing a will might not be the most glamorous task, but it’s undoubtedly one of the most important. Consulting with wills and probate solicitors can help you navigate this process smoothly, ensuring that your family’s future is safeguarded. Don’t delay; write your will today.
Image Credit
Last Updated on 9 months by Lavania Oluban