If you’re thinking about starting a family, you might not have considered writing a will – but it’s actually a good idea. When you have children, your priorities change. You want to make sure that they are taken care of if something happens to you. A will can help ensure that your children are raised according to your wishes and that their needs are taken care of financially.
Your loved ones will be taken care of financially
Writing a will is the best way to ensure that your loved ones are taken care of financially should something happen to you, especially if you are planning to start a family. Outlining how you want your estate distributed, as well as designating guardians and trustees for minor children, is essential for any parent. Life can be unpredictable, so it’s important to make these decisions now in order to protect those closest to you should tragedy strike. By writing a will, you can guarantee that your family members receive the financial security they deserve in the future.
Depending on where you live, there could potentially be tax advantages to writing a will. In the U.S., for example, if you pass away with more than $11.2 million in assets, your estate would be subject to federal taxes unless it is put into a trust. Writing a will allows you to transfer funds and assets into trust accounts that are not subject to taxes. If you live in Phoenix, for example, an Arizona Estate Planning Attorney can help you with the details. Keep in mind that states have different laws, so it’s important to consult a qualified attorney in your area.
A will allows you to specify who you want to be the legal guardian
Writing a will ensures that the people you want to take care of your children are properly designated. Too often, without a valid will in place, ambitious family members and well-meaning judges can appoint guardians for children who aren’t their first choice. A will allows families to designate who should be responsible for taking care of their children before something unexpected happens. It could be a family member or friend, but no matter whom you choose, it’s important to remember that whoever ends up raising your children must have your best interests—and theirs—in mind. Taking advantage of our legal system by writing a will is not only responsible, but it’s also necessary for any parent who wants to provide for the protection of their little ones after they’ve gone.
If you don’t have a will, the state will determine how your assets are distributed
If you’ve decided to start a family and don’t have a will, it’s important to understand that the state—not you—will be in control of how your assets are distributed. Planning ahead is an essential element of financial success and this includes establishing the right documents to give direction. Writing a will ensures that your wishes and intentions get carried out, regardless of what happens. Having an attorney draw one up is wise as they can help you create specific details that provide maximum protection for yourself and your loved ones. Don’t leave those you care about without the necessary legal guidance – make sure you have a will!
A will can help avoid arguments and disputes among family members
Creating a will is an essential step in preparing families for the future. It’s especially important if you have, or plan to have, children. A will can help avoid arguments and disputes among family members if something unexpected happens. It sets out expectations for who should inherit property, assets, and responsibility of minor children in a way that all parties agree on ahead of time. Not having a will leaves wide open the possibility for nasty family disputes when the time comes; it simply isn’t worth risking such potential chaos to your loved ones. Putting together a will lets them know your last wishes are being carried out according to your wishes, which is far more peaceful than fighting over it at a difficult time. A will can give everyone peace of mind knowing that their rights and responsibilities are clearly laid out in advance.
Drafting a will is relatively simple and inexpensive
When it comes to planning for your family’s future, drafting a will doesn’t need to be a long, complicated process. In actuality, it’s quite straightforward and can be done without spending a fortune while securing peace of mind. If you’re considering starting a family, don’t waste another minute avoiding this important decision – hiring an attorney to draft a will may take very little time and money compared to the security that it provides for your loved ones down the line. When you are ready to have children, make sure your family has the best chance of prosperity by creating or updating your will before they arrive.
Starting a family is an exciting time but it can also bring about legal considerations like writing a will. Doing so is one of the best ways to provide for the people you love if something unexpected were to happen. It’s easy to draft your own will and there are plenty of free or relatively low-cost options available.
