Why You Need to Make a Will if You Have Children
While just about anyone benefits from creating a will, it’s an especially important step to take if you have children. Below are just a few reasons why:
- You can select guardians for your children: This is perhaps the best reason to prioritize estate planning if you have children. If the worst should happen, you will want your children to be cared for by a guardian of your choosing — not of the court’s choosing. In absence of a named guardian, the court will determine what is in the best interest of the kids based on available evidence. You’ll know better what is best for your children.
- You can get more control over your children’s finances: In addition to naming a guardian for your kids, you can also name someone to look after their finances. That could be the same person you name to be your child’s personal guardian. Or, if you have established a trust, you could have a completely separate trustee perform this role.
- You can take control over asset distribution: Depending on the ages of your children, you may choose to either have your kids split your assets equally or leave behind certain assets based on their interests and needs. Keep in mind that your executor will be able to make some judgment calls regarding property division for assets that cannot be divided, such as cars or furniture. Thus, if have specific wishes, you can include them in your estate plan.
- You can maintain long-term control over property going to your kids: An adult of your choosing can manage certain pieces of property or money until your children reach a predetermined age, or until they have met certain conditions (such as completing a higher education degree).
For more information on establishing a sound will or trust that offers the peace of mind you deserve, work with a dedicated Tampa estate planning attorney at BaumannKangas Estate Law.