You’re Under 40: Three Reasons You Need A Will
1. Naming a Guardian for Your Children
If the unthinkable happens and you and your significant other die while your children are young, you can select who you want to raise them in your will. We recommend that you have an in depth conversation – or preferably several conversations – with the potential Guardian or Guardians. The Guardian would become the legal parent, so you probably want to appoint someone who shares the values that you consider most important. These can range from attitudes toward education, religion (or lack of it), moral values, or anything else that you deem to be important. Consulting with an attorney and creating a legal will ensures that your children will be raised by people that you select.
2. Setting up a Trust for Your Children
You may think that your estate is not very big – why should you set up a Trust? We include a Trust in almost every will that we write. Even if you do not think you have a lot of money, if you are young and have children, you probably have a term insurance policy and retirement accounts. Do you want your children to get all of that money when they turn 18? If you do not have a will, that is what will happen. We can work with you in setting up a Trust (and possibly other Trust documents) and making the appropriate beneficiary designations so that your children do not receive large cash payments at age 18. Instead, we set up trusts that can provide access for education and other needs, but delay payment of the principal until the age or ages you select.
3. Making Sure Your Assets Go Where You Want
If you are unmarried and you die without a will, your assets will go to your parents. You may not want this. You may want brothers and sisters or other relatives to receive the assets. You may want to give them to charity, or to someone else. The law often does not follow conventional wisdom, and failing to consult with an estate planning attorney can result in unwanted outcomes. You should know what happens if you die without a will, and the legal and tax consequences of your decisions.
To get more information about creating a will, call Michael T. Pidgeon at 609-520-1010 or e-mail Michael Pidgeon.