Congratulations on welcoming a new member to your family! With your busy schedule, you likely have new priorities to focus on: your child’s future and how your will directly shapes it. Here’s why you should consider adding a will to your family’s plan.
Why should you draft a will?
According to a survey, 60% of Americans still do not have a will. This is not something to take lightly. Life can be unpredictable and one must prepare for all sorts of scenarios. The first step you can take in that direction is to draft a will keeping your newborn in mind. With a will, you can choose a trustworthy guardian for your child and an alternate guardian in case the first is unavailable.
Draft a comprehensive will
A will can act as a well-thought-out contingency plan. Aside from just assigning guardianship, you can also nominate a person you trust to look after your assets on behalf of your child. Some of the other questions the will can answer include:
- Who will manage the finances?
- At what age can your children take control of the assets?
- How will you divide the assets among multiple children (if you plan to welcome more members to your family)?
- What conditions must your child meet before they can access their inheritance?
Whether you possess great wealth or modest assets, a will serves a vital purpose and allows you to personalize every detail to your family’s needs.
Secure your child’s future
Parenthood is all about making the right choices for your child and drafting a will is one of the most important ones. It does not have to be an overwhelming process. With the right legal guidance, you can create a clear and comprehensive estate plan tailored to your family’s unique needs.