Preparing for the last will is often an uncomfortable process for many. However, it’s a necessary step. It is crucial for the protection of your family in the event of an untimely death. Not only is it a legal document that mandates what should happen with your assets after your passing, but it holds the power to define who should receive custody of any children.
As a parent, it’s vital to ensure that your last wishes contain the following:
A Personal Guardian for Your Children
The most crucial part of your will involves stating the personal guardian for your children upon your death. This is especially important if you no longer have a living spouse. This will prevent the court from passing your children to the hands of social services or adoption.
With that in mind, the guardian is responsible for handling the day-to-day aspects of parenting. That means claiming legal authority for your children. It also includes taking over significant decisions such as living conditions, education, food, and more. To that end, it’s essential to choose a guardian whom you share ideals with and ultimately trust. Don’t forget to add a back-up guardian in case anything happens with your current choice.
A Financial Guardian for Your Children
You can choose your personal guardian to handle the financial responsibilities for your children. You also have the option of picking someone else. On that note, a financial guardian will oversee assets and will be entrusted with the task of distributing them for the benefit of your child until they become of age for inheritance.
A Clear Distribution of Your Assets
Your assets involve everything you own - from jewelry, collectibles, letters, properties, cars, and more. With that in mind, be sure to state a transparent distribution of your assets in your will if you want to leave for a specific child or individual.
Try to be as specific as possible to avoid confusion and legal disputes. Nevertheless, if you do not have any particular recipient for your assets, then it will be distributed according to the parameters you set within your final wishes.
Prepare for Your Children’s Future Education
Your death doesn’t mean that you can no longer protect your children in the future and prepare for their education. A testament can handle finances and follow your wishes regarding your children’s academic needs. For instance, a portion of your estate can cover their tuition for private school if that’s what you wish. This will also help keep your children from spending their inheritance over irresponsible possessions instead of college tuition.
State How Your Children Will Receive their Inheritance
Distributing your assets according to your specifications doesn’t necessarily have to stop with the process of splitting the cash between its intended recipients. You can exhaust your options and specify precisely how you want your children to receive their inheritance, especially when it involves minor kids. Take note that your children cannot inherit property when they are not yet of legal age, so be sure to weigh your options carefully to ensure your children can inherit your possessions as smoothly as possible.
Preparing for your will is crucial for your children’s future as its absence will leave them vulnerable. Their education, financial security, custody, and environment largely depends on your last wishes, so taking the time and effort to write a will ensure that you can protect your children the way you want them to be protected upon your passing.
If you’re looking for help in preparing your last will and testament, get in touch with us today! We’re happy to help!