New Parents? Here’s Why You Need a Will

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Why New Parents Should Have a Will

Why New Parents Should Have a WillIf you are new parents, there’s a good chance that your baby has overwhelmed you with pleasant things such as your love for them or any time they do something new for the first time or each little developmental milestone thereafter. If you are a new parent, you are probably just as overwhelmed with difficult things such as being overwhelmed by a lack of sleep,  lack of time for self-care, and not knowing yet what is causing your baby to be upset and how you can soothe them and make them feel better. There’s a very good chance that making a will is very far down on your list of things that need to be done as soon as possible, if it’s even there at all.

Reasons a Will is Important

There are many reasons why new parents should have a will but less than half of all Americans have one and surprisingly, the number drops even more for moms and dads even though it’s an important legal document that every parent should have. It’s not just financial costs that can be high if you do not have one but even more compelling, is to be able to nominate a guardian for your child or children in case you are no longer here to take care of them. Courts typically award custody of children to their surviving parent  but if you are a single parent, or in the event both you and the child’s other parent unexpectedly lose your lives, it’s important to consider in advance what will happen if your children are orphaned.

Naming a Guardian Even though it can be beyond daunting to think about the possibility of you not being here for your child, even more so, it can be agonizing to try to figure out who you would want to raise them if this had to be the case. For many people, choosing who they want to raise their child proves much more difficult than figuring out who they know they don’t want to do this, such as an ex and their new partner, in-laws, or a sibling they do not get along well with, etc. It should be noted that while it’s important to make your preference known by naming a guardian for your child or children, most states take it as a suggestion but it is not binding.

Property & Asset Distribution If you die without a will, intestate, state laws will determine how your property will be distributed. If a spouse dies without a will, many states automatically distribute part of the estate to the surviving spouse and other parts among the children of the deceased. While this means that your children will receive their part of your estate when they turn 18 or 21 (depending on the state) it does not make provisions for their care and upbringing. A spouse may need those assets to maintain your children and their lifestyles but they would need to petition the court to be allowed to use a child’s inherited money to support them. 

The above are just two key reasons why all parents, including new parents, should have a will. If you are interested in legal advice and/or help with writing or revising a will, contact a will lawyer Sacramento residents trust. Contact the highly rated team at Yee Law Group today.