Why Having Children Makes Estate Planning Even More Important
Everyone should make estate planning a priority, but having a will in place becomes especially important when you have children. Here are just a few of the reasons why having children should encourage you to expedite your estate planning:
- You can (and should) arrange guardians: Your will enables you to choose whom you want to take guardianship of your children in the event of your untimely death. If you pass away without a will, the court would appoint a guardian on your behalf, focusing on what it believes to be in the best interests of the child. You are likely to know better than a judge what will be best for your children, so take the opportunity to appoint a guardian yourself.
- You can better manage your children’s inheritance: Your will and estate plan can be used for better long-term management of any money or property you leave behind to your children. This includes naming a trusted adult to manage that property until the child reaches a certain age, or has achieved certain milestones, such as completion of a college education.
- You can be specific about your inheritance: As your children get older, you might have some specific wishes as to whom you want to receive which pieces of property, or how you want to allocate the value of your estate. Your estate plan enables you to do exactly that.
- You can name your personal representative: Your personal representative will be tasked with administering your estate and making a variety of important decisions that could, among other things, affect your children’s inheritance. It is important you select a personal representative who will not only abide by your wishes, but also make sure your children are cared for.
For more information about the importance of estate planning (especially when you have children), contact an experienced Tampa, FL estate planning lawyer at BaumannKangas Estate Law.