Death is not something we like to think about, especially if you’re a new parent, and your primary focus is on the life of your growing children. But like it or not, it is important to prepare for your own passing so that your assets, funds, and belongings are distributed according to your own wishes. More importantly, though, having a will well in advance of your twilight years also saves your loved ones from having to deal with all the legal issues themselves.
If you are a parent, the guidance below about the importance of producing a will may help.
To Determine a Preferred Guardian
As a parent, one of the main reasons for producing a will as soon as possible is you can assign a preferred guardian for your child or children, should you pass away prematurely. This doesn’t just have to apply to single parents, either: circumstances such as an accident could occur, causing both parents to pass away.
Before you execute your will, it’s worth assessing the options and discussing it with whomever you choose to be the preferred or legal guardian for your children. It’s an important decision to make, and it’s one that you should feel comfortable with. You’ll want to ensure that your kids will be well taken care of and that they’d be comfortable with the new guardian(s). If you’re unsure about how to go about this process, expert solicitors, such as Jordan’s Solicitors based in Blackheath, can help you put your will in order and go through the steps with you.
To Distribute Assets
Once you pass, you will want to ensure that any assets, funds, property, and so on, are distributed accordingly amongst your family. The important thing here is to make sure that everyone is taken care of financially. This includes your partner if you have one, all the children involved, and any other extended family that you’d want to disburse your assets to. Without a will, your estate might be handled in court, and your family members may receive less than you want them to. Therefore, it’s important that you establish this distribution yourself to make sure your wishes are carried out.
To Assign an Executor
Putting a will together also means you can assign an executor. This is someone who will be responsible for administering the will or distributing the funds upon your death. This could be a close friend or family member, someone who you trust to responsibly fulfil your requests, including taxes, property distribution, and belongings.
To Safeguard Your Partner if You’re Unmarried
While many modern couples are avoiding that walk down the aisle, legally, it can cause issues in the event of death as neither are automatically entitled to anything. A will is, therefore, important for ensuring that your partner is taken care of financially.
To Ease the Burden on Your Children
Establishing a will is also important for easing the burden on your children. Without a will, you could leave them in a mess if there is a lot to sort out in terms of property, assets, funds, belongings, etc. By implementing this process early, you remove the burden of assigning your assets and finding a way to distribute them.
Drawing up a will can be an uncomfortable process, but it’s a necessary one, particularly for the loved ones you leave behind. Referring to legal experts can be helpful as they can guide you through the process and ensure your requests are met.