When starting a family, an important step to consider is creating a Will. It’s important to plan for your family today, and in the future.
A valid Will will guarantee the security of all your affairs and ensure that they’re properly cared for when you’re gone.
Let’s consider why it’s important to write a Will when starting a family.
A Will outlines your final wishes:
If you don’t have a valid Will, your property and assets will be distributed according to intestacy principles. A person who passes away without a written Will is said to have died intestate. In this situation, you have no guarantee as to how your worldly belongings will be distributed. In these situations, a probate court will handle the distribution.
A Will provides adequate security for your children:
A Will enables you to protect your children and your property when you’re gone, providing the necessary arrangement. Your Will should also include who you might want to provide care for your children and manage their affairs if they’re not yet of legal age.
A Will helps you avoid putting your loved ones through unnecessary stress:
Another reason to have a Will is to help reduce the amount of inheritance and estate taxes your family may need to pay based on the value of your property and assets. Losing a loved one is always difficult; you don’t want to add to the grief by putting them through unnecessary stress that a Will helps to avoid.
A Will ensures the security of your properties:
Having a Will provides you with the security and peace of mind in knowing that that your property and assets will be properly managed once you’re gone. A well drafted Will helps to secure your belongings and prevent them from being contested by other individuals. Your preferences will be made known to the court and will help to avoid any conflicts that could arise.
As you make many of the important decisions of starting a new family, you don’t want to leave out a Will. A Will allows your family and loved ones to grieve and to discuss the financial considerations of your passing when it’s necessary.