Finding out that you’re becoming a parent is an incredibly exciting time for many. However, it’s also important to understand you may feel slightly overwhelmed by everything you need to accomplish before you welcome your child into the world. Unfortunately, one thing many do not consider during this time is creating an estate plan. If you have not already, taking the time to write a Will to protect your family is critical. The following blog explores why you should create a Will if you have children and how a Medina County, Ohio Will preparation lawyer can help you achieve peace of mind.
What Is a Will?
A Will is a legally binding document that goes into effect when you pass away. This allows you to determine how you would like your assets handled upon death. You can control what property goes to whom, allowing you to have a say over what happens to your assets when you pass. This is an essential part of estate planning as it allows you to dictate your final wishes and provide for your loved ones upon death.
If you pass away without a will, you will have died in “Intestate.” As such, Ohio will assume control over your estate, distributing your assets according to the Ohio Intestate Laws of Succession. This means you have no say over how your assets are handled, instead, they will go to relatives according to the laws. As a result, those who you may not have wanted to receive an inheritance could be legally entitled to a portion of your estate.
Why Do I Need to Write One as a Parent?
As a parent, providing for your children is critical. As such, ensuring you write a Will can help your children have financial support after your passing. You can leave them assets to help ensure they are cared for and supported in the years after your passing until they can be successful on their own. Additionally, you can appoint someone to manage their assets and finances to further protect them from making financial errors.
In addition to financially providing for your children, one of the most important things creating a Will can do is allow you to name a guardian for your children. Though it can be upsetting to think about, taking the time to appoint someone to care for your children in the event you pass away is an incredibly critical one. If you do not appoint someone to this role, you risk leaving the decision to the state. Instead creating a Will and appointing a legal guardian for your children is something that can provide peace of mind for the future.
Writing a will is not something you should take lightly. Instead, it’s imperative to understand that this process can be complex, and if you attempt it on your own, you risk making errors that could invalidate the terms and conditions of your will, making it unenforceable. As such, it’s in your best interest to connect with the team at Krause Law. We understand how important protecting your family is, which is why we are dedicated to fighting for you. Reach out today to learn how we can assist you.
