A will not only outlines how you want to provide for them financially, it also explains what you want to happen to your children if they are under the age of 18. You will be able to name guardians for your children should you and your spouse die or become incapacitated. It also gives you a chance to talk with the chosen parties to ensure that they are willing to take on the responsibility. If you do not have a guardian outlined in your will, the court will appoint someone they see fit, and it may not be who you would have chosen. If other family members want custody, they can petition for guardianship, which can cause a lot of turmoil and pain. Your children will already be dealing with losing you, so you want to make this time of their lives as easy as possible.
Benefits of a Will | Wills Lawyer in Cary NC
- A will allows you to take of your children financially in the manner you want. For instance, you can create a trust they will only be able to access when they are of a certain age, or when they complete a major life event such as graduating from college or getting married.
- You can even name a trusted friend to take care of the accounts until they are of age if there is not another parent to do so, if you do not want to burden him or her with that responsibility.
- Having a will means you get to name the executor of your estate.
- An executor is the person in charge of settling your finances. This person will take an inventory of assets, settle debts, pay taxes, and make sure the rest is properly distributed to your heirs.
- You can name who you deem suitable for this role. You may want to talk with him or her beforehand to make sure the person is up for the job.
- If you do not name someone, the court will choose someone.
For more information about why wills are beneficial and should be included in your estate planning process, visit with our next blog. Also contact our wills lawyer in Cary NC with questions you might have.
Eldreth Law Firm | Wills Lawyer in Cary NC
As always, please contact us with any questions or concerns you may have concerning legal issues. Also, contact our wills lawyer in Cary NC to schedule a consultation if you have yet to start estate planning. If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start.
Our lawyer is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office today to get started estate planning.
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