A will is a legal document that contains instructions as to what should be done with a person’s money and property upon that person’s death. While no young parent wants to think of their own mortality, parents must have wills to ensure their families are taken care of how they see fit in the wake of their deaths.
When devising a will, young parents should consult a legal professional to ensure they have covered all the bases. The following is some of the basic information young parents should include in their wills:
• Guardianship: Young parents should include instructions regarding guardianship of their children should they pass away while the children are under the age of 18. Parents should not assume their wishes regarding guardianship, even if those wishes had been expressed often, will be followed should they pass away without a will. If no will has been written, laws may dictate that children go to a spouse or the deceased’s closest relative. Even if parents’ wishes regarding guardianship align with the law, they should still spell those wishes out in writing in their wills.
• Assets: Young parents should use their wills to assign their assets so their money and property is distributed to their heirs in accordance with their wishes. Parents should be as specific as possible when dictating their wishes regarding their assets. Doing so will prevent disputes and ensure their assets are assigned exactly how they intended them to be. For example, parents who have invested in real estate and own more than one home should list the address of each property when assigning the homes to their heirs.
• Executor: This person ensures the deceased’s wishes are met and works with the deceased’s attorney to ensure assets are allocated in adherence to the will. Before naming an executor, parents should first speak with the person to determine if they are willing to do so. The responsibility of serving as an executor is an enormous one, and parents’ initial choice may already be serving as executor of another estate and not want the additional responsibility.
When choosing an executor, parents should select a trustworthy person who has agreed to serve as an executor and understands all of the responsibility that comes with that task.
• Trustee: Young parents who desire to establish a trust for their children in the wake of their death also must name a trustee to oversee the assets left to their children if their children are too young to do so themselves. The responsibilities of a trustee are similar to those of an executor, but overseeing a trust can last considerably longer than executing a will.
For example, trustees may be asked to manage investments and periodically disburse funds for children of the deceased, and such responsibilities can last decades.
