As a young family with a new baby or young children, you have plenty of things to worry about. Typically, an estate plan and will isn't one of them. However, it might be one of the more important things you do for your children. It's a hard subject to talk about, but who will care for your children if you and your spouse were to die?
Often, new parents either don't think about establishing a will or put it off for another time. A will is often associated with an end-of-life plan for older people, so young people think it irrelevant to them. Having an estate plan that designates a guardian for your child in the event of your death and plans for your assets is an important part of caring for your family.
A will for a young family might include:
- Stating your wishes for property distribution.
- Assigning an executor to administer your will.
- Naming a guardian to care for your minor children in the event of your death.
Name a guardian for peace of mind
While planning for assets is important, at this stage of your life, you might find more value in designating a guardian for your children. Planning for the future and knowing you've chosen someone who will honor your parenting style can give you peace of mind.
When you make your wishes clear in a formal document, your surviving family members won't have to guess or make assumptions about what you would have wanted. Even if you had mentioned your wishes in conversation, there could still be confusion and contention between family members.
A will doesn't need to be complicated and can change as your estate changes, but if you have young children, it's important not to put it off any longer.