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Your will is one of the most important documents you’ll ever write.
As parents, one of our most fundamental responsibilities is guaranteeing our children’s well-being and security.
That includes their future, no matter what it might hold. And while we might spend most of our time focusing on their immediate needs, there’s another crucial aspect that tends to get overlooked: Estate planning, more specifically, creating a will.
Our comprehensive guide aims to demystify the daunting process of drafting a will. As well as explaining why it’s so important for safeguarding your children’s future.
Table of Contents
What’s a Will, and Why Do You Need One?
Let’s start with the basics.
In lay terms, a will is a legal document that outlines exactly how you’d like your assets to be split up after your death.
But it’s not just about who inherits your house or savings; it’s an absolutely vital tool for parents to make sure their children are well-cared for, even after they’re gone.
So, what happens if you don’t have a will? Well, without a will, provincial or state laws will determine how your assets are divided up.
And that might not line up with your personal desires. Plus, this document is essentially your voice in deciding who’ll take guardianship of your children if both parents pass away.
Because without it, the courts will make the life-altering decision for you.
Legal Tips for Drafting a Will: The Do’s and The Don’ts
Creating a will can be really daunting. But it doesn’t have to be.
Here are some key pointers to get you started:
DO
Seek out expert legal advice like that from a wills lawyer in Vancouver. Professionals can help you navigate some pretty complex laws and protect your interests.
DON’T
Overlook your digital assets. With most of our lives online, make sure to include really clear instructions on how to handle your online presence.
DO
Be as specific as possible. Specificity about your wishes will help to prevent any nasty disputes among family members.
DON’T
Forget to sign and date your will in the presence of witnesses.
For more advice, get online and learn more about finding the right legal support.
Choosing the Best Guardians for Your Children’s Future
If you’re writing a will and have children, you’ll need to decide who’ll care for them in your absence. And it’s one of the most important decisions you’ll likely ever make.
When you’re selecting a new legal guardian, there are a few things to take into consideration:
- Their values.
- Their parenting style.
- Their finances.
- And their emotional bond with your little ones.
When making this huge choice, it’s wise to have an open and honest conversation with the potential guardians.
This will allow you to make sure that they’re one, willing, and two, actually able to take the responsibility on.
But remember, this decision isn’t set in stone. You can update your will multiple times as your circumstances change.
Updating Your Will With Your Circumstances
If there’s one thing that’s certain in life, it’s that nothing is certain.
Life is unpredictable. New children, marriage, divorce, or asset changes warrant a look at your will.
Revisit the document once every couple of years or after a significant life event. This enables you to make sure your wishes are accurately reflected and can still be executed seamlessly.
The Benefits of Setting Up Trust Funds for Children
There’s more you can do for your children than writing a will, though.
You might think trust funds are just for the wealthy. But it actually couldn’t be further from the truth.
They’re a really practical tool for parents looking to manage and protect their child’s financial future.
A trust fund can hold money or assets your children will inherit. This allows you to specify exactly when and how they receive these investments.
Being able to define when they’re released is really useful for inheritance if you want to support their housing, education, medical, or just as a financial safety net as they grow up.
It goes without saying that different types of trusts offer different levels of control and protection. Make sure to choose one that aligns with your family’s specific needs.
Wrapping Up
Drafting a will to protect your child’s future can feel daunting.
But it’s an absolutely crucial step in good parenting.
It’s about giving yourself the peace of mind that your children’s future is in safe hands and they’ll be well taken care of if the worst happens.
A will isn’t just a piece of paper. It’s a testament to the love and care you have for your family that extends well beyond your own lifetime.
Take the first step today and look for an excellent legal professional to seamlessly guide you through the process. But if that feels like too much, you can simply start by jotting down your wishes.
Have you written your will yet? Let us know how it went in the comments below.
