If you are a new parent or an expecting parent, it’s time to create a Will and start working on your estate plan. Having a Will in place can give your children protection should something happen to you and your spouse. Estate planning can ensure that your property and money, and more importantly, your children are taken care of according to your wishes. Even after you are gone, a Will is a way to make sure that your wishes are carried out legally and efficiently, ensuring that your loved ones are provided for with the least of financial responsibility.
Even if you do not have a large amount of money or valuable possessions, it is important to have a Will to name a legal guardian for your children. If you die without having a Will in place, the legal system will appoint a guardian, and they may choose someone you would not like to care for your children. It is a difficult decision to make; the responsibility is huge, and you should choose a guardian as if you were selecting a parent. The role of a legal guardian can last for many years and is a serious decision to make. Many people select a relative or friend as legal guardian for their children.
As part of your Will, you can also name the person responsible for handling your finances and property. This is known as your “Personal Representative.”. A robust estate plan will allow you to direct how your finances should be used to care for your children and when your children could access that money directly.
Both expecting parents should have a Will in place. If you have a child but are unmarried, it is even more important to make sure that both you and the other parent have Wills in place. Same-sex couples with children may also need to have completed adoption paperwork in addition to their Wills.
Lastly, be sure to regularly update your Will as your life changes. A Will can easily be amended to include additional children, or, as circumstances in your life may change, a Will can easily be updated to accommodate for divorce. If you are new or expecting parents, or simply need to update an existing Will, the professionals at rb LEGAL
can help. With over 25 years of experience, our team can lend expert advice and help create this extremely important legal document. We specialize in estate planning to make sure your family is taken care of as if they were our own.