Being a parent means responsibilities. Lots of responsibilities.
Between feeding them, clothing them and guarding the power outlets, it’s easy to feel overwhelmed.
Due to the full-time nature of parenting, sometimes things go overlooked. One such detail that often gets ignored is what happens to your children if you are ever unable to care for them.
A 2017 Caring survey shows that only 36 percent of parents with children under 18 have a will in place. This is a mistake.
Chances are, you have a plan in mind should your child need a guardian. Unless you have it written in a will, that plan isn’t guaranteed.
When your preferred caretaker for your child isn’t a relative, they may be unable to win guardianship. With no guardian appointed, the state does its best to interpret the best interests of a child but it’s not a foolproof process.
Writing down guardianship instructions ensures your child is in the care of someone you trust should something happen.
Another good reason for parents to create a will is assets. Some people believe you only need a will with a large collection of assets. This is isn’t true, anything of value should be taken care of with a will.
If you do not have a will, it costs money to figure out where your belongings should go. This results in less to leave your children and loved ones.
Blended families are becoming the norm, which creates new inheritance challenges. Stepchildren’s rights to inheritance have become a point of contention. For families without a will, these battles can be ugly.
While it may feel morbid, planning for emergencies is part of being a parent. A will does not have to be a lengthy or complex document but it is an important one to have, especially for parents.