What Should I Know About Making a Will?

Failing to plan is planning to fail.

Conflict in a family is no fun.

As parents, you know the trials of breaking up arguments.

You know how the slightest slight can leave a lasting grudge.

These tensions create chaos and leave pain in their wake.

Chances are you do not want to leave your family with these experiences when you die.

According to a recent Fatherly article titled “How to Write a Will: 8 Tips Every Parent Needs to Know,” the best thing you can do is create an estate plan.

No estate plan invites uncertainty, arguments, and wounds.

Start with a will.

It provides direction to the court regarding who gets what and allows you to nominate an executor for your estate.

Should you die intestate (without a will), you will leave the fate of your family up to the laws of your state.

And your state does not care what you wanted unless you created a legal will.

More than half of Americans do not have a will.

When creating your will, do not just throw something together and hope for the best.

You should discuss your family dynamics, your assets, and your goals with an experienced estate planning attorney.

He or she will be able to create a plan to meet your needs.

In fact, you may find a will alone is insufficient.

Your estate and goals may require the need for a trust and trustee as well.

If you are a part of a blended family, there are more people to consider.

Chances are you do not want to disinherit children from a previous marriage, but you also do not want to leave your new spouse destitute.

If you are not married to your partner, will you leave him or her with nothing should you die?

Do you have minor children?

If yes, you must have a will to nominate a legal guardian to care for and rear them should you and your spouse die.

Without such a provision in your will they could end up in foster care while relatives battle with the courts to gain guardianship.

The court could also choose a relative who holds different values than you.

Yikes!

In short, you should not leave anything up to chance.

You should create a plan.

The best plans come from experienced estate planning attorneys.

Take the necessary steps now.

Your family will thank you.

Reference: Fatherly (February 6, 2019) “How to Write a Will: 8 Tips Every Parent Needs to Know”