Secure Your Baby's Future: A Step-by-Step Guide to Writing a Will

uWriting a will isn't pleasant, but it's necessary if you have children. It is particularly important to have one if you have children who rely on you. Just the concept of writing a will might be intimidating. Here's everything you need to know to make the process of creating a will as simple as possible - and how to ensure it protects your family.

Why Do Parents Need A Will?

A will guarantees that your preferences regarding your family and possessions are followed after you. Each parent needs their own will.

To choose a preferred guardian for minor children, the person or individuals who will raise your children
Determine how you want your assets divided (e.g., your home, vehicle, jewellery, and clothes)
To designate an "executor," or the person (often a partner, adult child, or other close family member) who will disburse cash or manage your will after you.
To form and carry out a trust. In certain instances, parents may want to form a trust. This gives you control over how and when your assets are transferred to your children

How To Write A Will?

If you are a new parent, you should create a will as soon as possible after your child is born or adopted. It's also a good idea to update it if you have additional children or go through a major life transition (for example, getting divorced or losing a spouse).

Key Components Of A Will

Appointment of an executor: This person is in charge of administering the estate, paying debts, and distributing assets in accordance with the will.

Guardianship: If you have small children, you must appoint a guardian in your will to care for them if you are unable to do so.

Asset distribution: Clearly identify who will inherit your assets, which may include money, property, or personal goods.

Legal Requirements For A Valid Will

To guarantee that a will is legally binding, certain requirements must be met:

The testator must be of legal age and sound mind
The will must be carefully drawn and signed
It is usually witnessed by at least two people who are not beneficiaries of the will and may need notarisation

Do You Need A Lawyer To Prepare Your Will?

You do not need a lawyer to write your will. There are also online will-writing firms that can help you prepare a will once you complete a questionnaire. However, it is a good idea to consult with an estate planning lawyer who can guide you through the process and ensure that you are appropriately safeguarding your family. Yes, it will cost more than writing your own will, but an attorney will ensure that you cover all of your bases, even ones you may not be aware of.

Here are some suggestions for hiring a lawyer

Call your state bar organisation and ask for legal referrals.
Before deciding on an attorney, consult with many.
Ensure that your attorney specialises in wills, trusts, and estates (commonly known as estate planning).
Choose an attorney who is licensed in your state, since estate rules differ from state to state.
If you can't afford a lawyer, it's still a good idea to have a will, even if you draft it yourself. For many individuals, a simple will that names an executor, and a guardian, and specifies who receives what things is preferable to nothing at all.

How to Choose A Guardian?

When writing your will, you should also choose a legal guardian who will have complete care of your baby in case of any unprecedented situation. For many parents, this is the most significant — and sometimes the most difficult — aspect of the process.

Also, if you're a same-sex couple, be sure to have a "second parent adoption." This implies that regardless of whether your state recognises your same-sex partnership, both parents have legal custody of their partner's adopted or biological children in case of death.

How Often Should a Will Be Updated?

If you're still building your family, you'll probably want to update it when you have another baby. You may also need to change your will if someone mentioned in it is no more available, or if you purchase or inherit property.

A will has to be revised with a document known as a codicil—but utilising an online will template allows you to change your will after life events. In any case, it is prudent to revisit your will either after a big life event or every two years.

When you begin preparing your will, keep the following points in mind

Choose a legal executor who will "execute" your desires as stated in your will
Take inventory of your assets and obligations. Essentially, you want to know what you own and what needs to be paid off after you.
Determine how you wish to divide your assets and who will receive your inheritance
Talk to your selected guardian to ensure they understand and are willing to care for your children after your death
Consider writing a "living will" in addition to your will. This enables you to control your end-of-life medical treatment
If you are worried about estate taxes, consult a financial advisor or a tax attorney. This is especially useful if your estate is huge and intricate
Have an attorney create a will that complies with your intentions and state laws
Sign the will in front of two witnesses who are not identified in the document. You may also wish to get it notarised

You'll want to find a guardian you can trust to raise your children in the manner you wish. When deciding on a guardian, you should evaluate his or her principles, parenting style, religion, and where they reside, as well as whether or not they are financially and physically capable of caring for your children.

FAQs on Guide to Protecting Baby's Future: How to Write a Will?

How to Choose a Guardian?
When writing your will, you should also choose a legal guardian who will have complete care of your baby after you. For many parents, this is the most significant — and sometimes the most difficult — aspect of the process.
Do you need a lawyer to write up your will?
A lawyer is not required to prepare a will. There are also online will-writing firms that can help you prepare a will once you complete a questionnaire. However, it is a good idea to consult with an estate planning lawyer who can guide you through the process and ensure that you are appropriately safeguarding your family.