Why It’s So Important to Make a Will if You Have Children
You’ve likely heard that writing a will is important, but it becomes especially so when you have children. If you pass away without a will and have children, you will not have any control over who takes custody or guardianship of your kids.
Below are just some of the reasons you need to prioritize creating an estate plan if you have children.
- Guardianship: If you pass away and do not have a guardian chosen in an estate plan, the courts will determine who is best suited to be your child’s guardian instead. Therefore, it’s important to name a guardian for such a scenario in your will so your wishes can be met if you are no longer around to voice them yourself.
- Finances: Your will doesn’t just give you the chance to name a guardian to take custody of your children — it also allows you to name a guardian specifically for your children’s finances. This can be the same person who takes physical custody of the children or someone else. This person will take care of any property that is not already being managed in some way until the kids are old enough to take care of it themselves.
- Property management: You may use your will to name someone who can manage certain property for your children on a long-term basis and until they reach a certain age.
- Personal representative: Your choice of personal representative in your estate plan can also affect your children’s inheritance, as your representative is in charge of wrapping up your estate and distributing your property in accordance with your wishes. Having a reliable, trustworthy representative will give you some peace of mind knowing your children’s inheritance will be distributed according to your established plans.
To learn more about creating a sound will and other estate planning documents, consult a skilled Tampa estate planning lawyer with BaumannKangas Estate Law.