Becoming a parent is a joyous event that brings with it new responsibilities. One of these responsibilities is ensuring that your child is cared for, even after something happens to you. Writing a will is a vital part of this responsibility.
So, here are three essential things you should know when writing a will.
Naming a guardian for your child
The most crucial detail to include in a will is a guardian for your child. This person would care for your child if both parents were to pass away. Without a will, a court gets to choose your child’s guardian which might not align with your preference.
But, if you personally nominate a guardian in your will, you have complete control over who will raise your child in your absence.
Protecting your child’s inheritance
A will allows you to dictate how your belongings – like your house, car or savings – are divided after your death. Without a will, the state decides this for you. The state might decide to split your savings among all your legal heirs, which could mean each person gets less. This might not provide your child with enough resources for their future.
But when you specify how you want your assets divided in your will, you’re taking the necessary steps to ensure your child receives the help they need, even when you’re not around. This could help cover important costs like school fees or everyday expenses like food and rent.
Appointing an executor
An executor is a person you trust to carry out the instructions in your will. This includes ensuring your child receives their inheritance. Choosing an executor provides peace of mind, knowing that someone you trust is honoring your wishes. It’s crucial to choose someone reliable who meets certain legal requirements. For example, in Arkansas, an executor must be at least 18 years old, of sound mind and not a convicted felon.
Remember, writing a will is a significant step, but it’s not one you have to take alone. An attorney can assist you in this process. They can help you understand your options to secure your child’s future.