Bringing a new child into your family is a time of great joy and celebration. The last thing most people think of is death.
However, new parents need to start thinking about the best interest of their child, and this includes figuring out what to do in the event that you need a will.
Why are wills important?
Forbes discusses the importance of having a will as a new parent. This document will establish how all of your assets end up distributed in the event of your death. You may also name a guardian for your children in this will.
Essentially, without a will, the state will decide where your assets go. While they typically decide based on the best interests of the child, there is no way to guarantee what that will look like in practice. The court may have an entirely different idea of what to do with your assets than you do.
They will also make a determination of who to appoint as guardian, which could completely go against your own ideas as to who is better suited for the task.
The positive aspects of a will
Establishing a safety net can give you great peace of mind, especially as a parent. Needless to say, no one wants to think about what they will do if they get into a sticky, life-threatening situation. However, having plans in place will give you a lot less to worry about in the event that something traumatic and sudden does happen.