When starting a young family and watching your first child come into the world, the last thing on your mind is creating a will. However, as soon as you are responsible for another human life, one of the very first things you should do is create your last will and testament. There are many reasons for this, not the least of which is making sure that your child is taken care of after your death. Even though we all plan to live a long, healthy life, we know that it doesn’t always happen. Making these preparations early in your life when you’re still of sound mind and body means that your child will get the benefit of knowing that your wishes were carried out.
Most people think of a will as a document that simply tells people what you are leaving to them. While that is true, it can also serve other functions such as designating a guardian to take care of your child in the event that you pass away. That person can also serve as a trustee if you set up a trust to take care of your child until they reach adulthood. For that reason, you want to make sure that you choose the right person for the job.
The second reason why you need a will is to make sure that all of your wishes are carried out. For instance, you may have some special items that you would like to pass down to the next generation. It’s very important that you specify what should happen to these things so that there is no fighting or conflict among family members or friends.
Finally, there are other things that you can use the will for including donating your organs, specifying funeral arrangements and even making charitable contributions after your death. A good estate planning attorney can help you to create a well so that all of your wishes are carried out.
Latest posts by Stephen A. Mendel, Estate Planning Attorney (see all)
- Do I Need to Include Retirement Planning in My Estate Plan? - July 15, 2019
- Texas Trivia- Who played the lone survivor of the Alamo in “The Man from the Alamo?” - July 12, 2019
- Staying Current on Estate Planning - July 9, 2019