Many young parents put off writing a will. “I haven’t got to it,” they explain, and you might have even said the same. “It’s something to worry about later in life,” is also often heard. That’s an easy assumption to make, as wills feel like they belong to the elderly and the wealthy. But the truth is that a will can benefit parents, even if you’re young.
The Purpose of a Will
A will is a legal document that explains how you want your assets divided, who will look after your minor children, who will be the executor, and how you want your funeral to be. The document makes clear what your wishes are, legally speaking.
That has many benefits, especially for parents. A will reduces stress and conflict for family members by removing uncertainty. It gives you peace of mind, too, that your children are cared for by the legal guardian you name, who shares your values and lifestyle.
You also control who your property and other assets go to, including your kids, which the law does not automatically do. Finally, you choose the person who takes care of your estate and carries out your wishes, keeping things organized.
What Happens if There’s No Will
If you don’t have a will, the government decides where your assets go. That’s according to the Rules of Intestacy in England, Wales, Scotland, and Northern Ireland. That may not go as you want. For example, if you’re not married to your partner and have stepchildren, they are not automatically entitled to assets if there’s no will to say so. That could leave them without anything.
You also risk the person assigned by the court to take care of your children is not who you would choose. If both parents pass without a will, the family court decides who will be their legal guardian if there is no will. Your preference won’t be known or guaranteed. It’s a big reason many parents start creating a will.
Starting a Will
Now that you know important reasons for creating a will, you are likely thinking about how to start a will. Some people legally write their own wills, although that generally works best for a relatively straightforward family structure and clear wishes.
Estate lawyers catch things you wouldn’t think of. That can better protect your kids. An experienced lawyer for wills helps you plan for “what ifs,” such as what if your chosen guardian can’t step into their role or what if one child has special needs? Lawyers help you build backup plans and contingencies.
This professional also ensures your will is legally valid. They look over the document to make sure all guidelines are met and help you revise anything necessary, so that it’s not rejected in court. The lawyer can also create trusts for minors so your kids and appoint trustees to manage the money, as well as reduce estate costs and taxes so more of your assets go to your kids. No matter your age, creating a will is beneficial for many families.
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