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Why should all new parents have a will?

Jan 11, 2022 | Estate Planning

New parents in Michigan want to give their children the best. This means you need a will to ensure that your children are provided for.

What is a will?

A will is a legal document that is part of a person’s estate plan. With a will, you can plan for the future and express where you want your money and property to go after your death. You can name beneficiaries, decide whether your assets should be donated to charity and name guardians for your minor children should you die.

Without a will, the court will appoint someone to serve as guardian to your children. This means that the person you truly trust to raise your children might not get that opportunity.

Why do new parents need a will?

All new parents should create their own will. It makes sure that your wishes are carried out after you pass away. With a will in place, you can ensure that the person you name as guardian for your minor child gets the child and raises them.

Your will allows you to decide how you want your assets and property distributed. You can name heirs who will receive property and assets upon your death. If your child is still a minor after you pass, they will receive property and assets once they turn 18 years old or whatever age you choose.

You can also name an executor for your will. This person oversees the will and ensures that your beneficiaries receive assets and property after your death. They are also responsible for handling financial aspects of your estate such as paying bills, debts and taxes.

During estate planning, you can also choose to create a trust to hold assets and property that you’ll ultimately pass down to your child and other beneficiaries. You can oversee the trust during your lifetime and have another person named to oversee it upon your death.