It’s something that the majority of people would prefer not to think about, but is an absolute necessity — especially once you have a child: creating a last will and testament. Crafting a will is one of the most important things you can do to protect your children, but it can be daunting to know where and how to get started. Here, we help you navigate everything you need to know to put together this ultra-important document.
Getting started
Firstly, you may assume that you definitely need a lawyer to create a will — and the answer is, not necessarily. There are online will-making services that, after answering a few questions, will assist you in doing just that. However, it is a very good idea to consult with an estate planning attorney to ensure that your family is fully protected. It will cost you more than doing it on your own, but the assurance that you’ve covered your bases is priceless.
Here’s how to select the right lawyer for your needs:
- Call or Google your state bar association to ask for lawyer recommendations, and talk to several attorneys before settling on the right one.
- Make sure your attorney specializes in wills, trusts and estates (also known as estate planning).
- Choose an attorney who is licensed in your state, as estate laws can and do vary from state to state.
Writing a will, step-by-step
The best time to write a will is as soon as possible after the birth or adoption of a child. You should also plan to update your will if you have any subsequent children, or if there is a major change in life circumstances, such as a divorce or loss of your spouse. Here’s a step-by-step checklist of everything you will need to do:
- Select a legal executor to carry out your wishes as per your will’s instructions. This can be a family member, close friend, or professional.
- Create an inventory of all assets (what you own) and liabilities (debts or financial obligations). (This is so you know everything you own and what will need to be paid off if you pass away.)
- Determine how your assets will be distributed among your beneficiaries.
- Designate a willing guardian for your minor children (read on for more).
- Consider creating a living will for end-of-life medical decisions. (An estate attorney is very helpful here, as laws for living wills may vary from state to state.)
- Consult a financial planner about potential estate tax implications.
- Hire an attorney to draft your will according to legal requirements.
- Sign your will with two non-beneficiary witnesses present. (You may choose to have it notarized.)
Choosing a guardian
One of the most important parts to creating your will is designating a legal guardian for your children. Much like the idea of why you need a will in the first place, selecting the individual(s) who will love and care for your children in the event of the unthinkable can be difficult, but very necessary. Here are a few points to consider when making your decision:
- Take age and health into consideration. Your parents may be your automatic first choice, but keeping up with an energetic toddler or dealing with the emotional demands of a teenager may be too much for them in their golden years. As an alternative, you can designate them as guardian for a specific length of time (until your child turns 13, for instance) and then designate another individual (say, an aunt/uncle) until the child turns 18.
- Factor in finances, family, and location. Consider how well your potential guardians know and get along with your parents, in-laws or other immediate relatives. Do they own a home, have a demanding career or travel a lot for work?
- Consider splitting the role. If your chosen guardian has a kind and loving demeanor but a not-so-good head for money, it’s not uncommon to choose a secondary individual to be the executor of your will and have the guardian focus solely on raising the child.
Creating a will can feel overwhelming and even depressing, but it’s one of the most loving and responsible actions you can take as a parent. By documenting your wishes now, you provide security and protection for your children’s future, regardless of what life may bring. So don’t put it off any longer — consult with professionals, have that important conversation with potential guardians, and above all, put your plan in writing. The peace of mind that comes from knowing you’ve safeguarded your family’s wellbeing is truly invaluable.
