Setting up a will
Setting up a will
When parents set up a will, they name the legal guardian to care for their children should the worst happen.
By the YeahBaby.com editorial staff
Life is a roll of the dice. You never know what any day might have in store. Parents can prepare for the unforeseen by preparing a will.
Reason #1: For financial assets
Having a prepared will is one of the most important building blocks of sound financial planning. A properly prepared will dictates where your financial assets should go and will reduce many of the estate taxes payable after one's death. This leaves your beneficiaries with more money!
Reason #2: To specify guardianship of children
Should both parents perish, courts will decide who cares for their children. For those parents with a prepared will, the courts will consider the parents opinion and (in almost all cases) ensure the parent's wishes are carried out. For parents without a will, a judge will decide who cares for the children.
When preparing a will, parents will specify a legal guardian for their children. When choosing a guardian, the parents should consider the guardian's age, state of health and ability to raise children. Would they be a good parent? Once you've chosen a candidate for guardianship, speak with them to ensure they accept this responsibility. You'll need to include their full legal name and address in the will. YeahBaby encourages parents to name an alternate guardian in your will in the chance your first choice is unable to provide care for your children.
How to prepare a will
Wills are most often prepared by an attorney or through a financial planning office. Those using an attorney should speak with one in the state which they reside. A bit of comparison shopping will ensure you get the best rate. When setting up a will through a financial planning office, you'll also likely be dealing with an attorney. And you'll have the added benefit of sound financial planning advice!
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