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When you become a parent, having your affairs in order becomes a priority. The protection and care of your children if the worst were to happen is a paramount consideration for all parents.
In life, we never know what can happen from one moment to the next. Being prepared for the unthinkable is one of the best things you can do for your children.
Thinking about your future consider what arrangements should be made for your kids and estate all need to be done. Choosing a guardian, preparing a living will and selecting heirs and gift recipients is all part of the process.
Discussing your final plans with an estate attorney so your wishes are documented legally is the best way to protect your children’s future.
Estate Distribution
If you pass on without a legal will in place, you will have no control on what happens. With a plan in place, you can minimize the drama that can sometimes happen when there is no will.
You can also outline your desired funeral preferences, name a legal guardian for your children and ensure that your final wishes will be respected.
Legal Will and Guardians
Choosing guardians for your children that will be responsible for the care and well being of your children is vital.
Without a will outlining a plan for the care of your family, your children can end up in foster care or with an unreliable family member. When you choose a guardian, you need to think long-term for the best care of your kids.
Quick Probate
Without a legal will, the probate on your estate can take a long time and be plagued with delays. When a will is in place, you can expect to get through the administration process much faster.
Estate Taxes
When you take the opportunity to list your intended heirs and outline any gifts to family or friends in your will, the value of your estate tax is reduced. The more that you have listed to give away from your estate the less remains to be taxed.
Without a will, the full value of your estate will be fully taxed before it can be split up.
Inheritance & Gifts
Many people have a desire to leave either monetary gifts or physical mementos to family and friends after they pass. With a legal will, you can document the specific details of your wishes and ensure that each heir receives their gift without issue.
Eliminate the stress and drama that can overtake family members when dealing with a recent loss and keep things simple and straightforward with a full breakdown of what is to go where and to whom.
Do you have a will?
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Krystle Cook – the creator of Home Jobs by MOM – put her psychology degree on a shelf and dived into a pile of diapers and dishes instead. She is a wife and mother to two rambunctious boys, sweating it out in her Texas hometown. She loves cooking, DIY home projects, and family fun activities.
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Its best to have a will even if you don’t have much. Especially important if you have young children mostly. You can always change it later if need to.
I think having a will is always important no matter what
Thank you for the advice. My children are still young so we need a will to make sure our kids will be cared for by the family member we choose.
We still need to do the same thing
I think this is soooooo very important I hope a lot of parents see this. I don’t have kids but I have a will for the things I own
It’s the Smart thing to do
Have yet to delve into the whole will writing thing, this gives me a slight overview of why it’s important to consider one.. I see it’s needed in many cases.
It’s extremely important to have a will just in case.