Why it’s Important to Make a Will if You Have Children
While it is always important to have a will in place, it is especially important if you have minor children. Here are just a few reasons why:
- Guardianship: With a will, you can name who would assume guardianship of your children if you die while they are still minors. Otherwise, if you die with minor children and do not have a will, the court will select a guardian on your behalf, which may or may not end up being the person you would have chosen for the role. You know better than the court who is best suited to care for your children.
- Property management: A will allows you to designate how you will pass your property on to your heirs, including your children, and who will manage those assets until they come of age.
- Specific wishes: You can get as specific as you wish with a will, bequeathing particular items to particular children, or giving some children a larger share of the estate than others. You might, for example, find it necessary or fair to give one child more than another if the other child has a much larger income.
- Name a personal representative: When you develop a will, you will also be able to choose a person who will serve as your personal representative to execute that will and administer your estate. This will often be a family member or trusted friend who you feel confident is capable of reliably carrying out all the tasks associated with the role, including distributing assets, paying debts and taxes, selling some assets and wrapping up other issues related to the estate.It also may be a professional fiduciary. Again, if you do not name a personal representative, the state will select one for you.
For more information about the importance of creating a will when you have kids, contact an experienced Tampa, FL estate planning lawyer at BaumannKangas Estate Law.