First-Time Parents? Why You Need a Will
September 1st, 2021 by Beasley Ferber
Becoming a first-time parent can be an overwhelming experience, but it is also a true blessing that you simply cannot fully grasp until it happens to you. The pregnancy and lead-up to the birth of your child or pre-adoption process is just the beginning of both the love — and anxiety — that parenthood will bring with it as the years pass.
From the moment your child enters the world, you will want to do everything within your power to love and protect them — even in a worst-case scenario. For this reason, it is critical to set up a will as soon as possible.
If you’re still unsure of the importance of a will for you and your new family, take a look at these 3 reasons, which more fully explain the importance of this document.
Why a Will Is So Important for New Families
1. It names who your child’s potential guardian will be.
In the event of your death, your will names a legal guardian who will care for and look after your child. Not having a will or naming a guardian means that your child could be lost in the court system and uncertain circumstances for months or even years at a time until a legal guardian is set.
2. It sets up your child’s future assets.
Naturally, if your child were to lose you, they would need funds in order to continue living the lifestyle you prepared for them. In many cases, a will can set up a trust that will provide for your child until he or she turns 18. After the age of 18, a will can also prepare additional funds for your child’s adult life.
3. It names a power of attorney in the event you are incapacitated.
In certain circumstances, you may become incapacitated and unable to make decisions for yourself or your child before they turn 18. In this case, you will be able to name your power of attorney(s) in your will. Most sound wills name both a health care power of attorney (for making health care wish decisions) and a finance power of attorney (for making financial decisions).
This is critical as not naming a power of attorney for either one of these areas could result in decisions being made that you would never be happy with were you in charge.
Contact Beasley & Ferber Today to Set Up Your Will
No parent wants to think of their child living without them. Still, it is the most responsible and thoughtful parents that do broach this subject and understand the importance of will creation in order to secure their child’s safety, happiness, and success in the future.
Although it is difficult to think about an unfortunate event occurring in the future, it is critical to realize the importance of such planning. No one else can make these decisions but you, and it’s worth deciding on them now.
To learn more about setting up a will for you and your family, contact us at Beasley & Ferber today.
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