As a parent, you’re constantly striving to look out for your children’s best interest, and make sure that they are well taken care of. But what happens if you’re no longer there to help them through life? Having an official will can help give guidance for the care and wellbeing of your children in the event that you are no longer there to take care of them. If you don’t have a will in place, your children’s wellbeing will be left up to the decision making of the State. While the State will do it’s best to act in the best interest of your children, having a will can help ensure that they are properly looked after in the way you deem right.
Below are the top 3 reasons to make sure you have a current and updated will if you unexpectedly pass and need to ensure the safety and wellbeing of your children, and potential assets that could help give them financial stability in your absence:
- Determination of Guardianship
To eliminate any ill-advised decisions the State may make, you should outline or appoint a guardian in you will. Deciding who would make the best parental figure in your absence requires a great deal of consideration. Important factors to evaluate include:
- Proximity to child’s established life
- Similar family values
These values are often difficult to quantify, making the guardianship decision a difficult one, but it is incredibly important to appoint at least one guardian, if not a second incase the first is unwilling or unable at the time of your passing.
- Financial Planning for Children
While it’s common that the child’s appointed guardian is also responsible for maintaining any finances or property inheritances until your children come of ages, you can also appoint someone else. In cases where there is concern that the physical guardian, while emotionally and parentally supportive, is maybe not the most financially responsible, this delination is sometimes used.
- Inheritance Determinations
Whether you divvy up your property evenly between your children, or decide some will get more than others, determining how your belongings are divided amongst your loved ones in very important. Again, this can help ensure financial security for you children in your absence, but can also help eliminate emotionally draining quarrels amongst you loved ones left to sort out your belongings in the absence of a will. In fact, even if you decide to leave someone without any inheritance, unless written in a will, they may be able to claim a portion of your estate.
Creating a will ensures your family’s well being after you’re gone, and can eliminate confusion and extraneous emotional anguish in the wake of you passing by giving clear and concise guidance regarding your children, your belongings, and your finances. Contact an experienced estate planning attorney to help you navigate the complexities of wills and create a unique plan to ensure that your loved ones are well taken care of.
If you’d like to set up or review your current estate plan, please contact us at 215-790-1095 or complete our online form to arrange a free consultation.