Protecting Your Children Through Your Will
Why you need a will no matter where you are in life and how it can be a sign of parental responsibility.
I can guess what you are thinking – that you don’t need a will because you are young an healthy and there are a lot of people around you that take good care of your children and yourself.
And that’s great.
But you still need a will.
In these cases especially:
- You are a single parent
- You are divorced
- You own a business or property that is not matrimonial asset
- You have dissatisfying family relations
Okay, you need a will. But how does a will protect your children? Isn’t it all about deciding who gets the china and who gets my car?
No, it isn’t.
A will is much more than distribution of assets. Here is why:
A divorced mum of 2 started a business from home and turned it into a success. She divorced her ex because of his gambling problem – she knew there was no future for her or her children with him.
However when she is on the rise of her career and her new business is booming, she loses her life on the way to a business meeting in a plane crash.
Her children inherit her business but their custody is given to their father. Her business and assets are in his hands (as the children’s assets’ guardian.)
You can imagine the disaster it all turns into.
Yes, this story is very extreme but just as possible.
Your will protects your children and helps your loved ones and lawyers to make sense of your wishes.
When discussing your will with a lawyer, or drafting your own, I advise you to look at three main issues:
Who takes care of your children after you are gone?
This is in fact the most important point here. If the other parent is alive and well, they will most probably be given custody. But, if you are a single parent or you are writing your will together with your spouse, you need to address who can best take care of your children in the way you want.
What do they get in relevance to other family members?
If the primary caretaker for your children will be your sister for example, you want her to be the beneficiary of your life insurance policy, right?
In this way you make sure she has the resources needed to protect your children and give them the life you want them to have.
Do you want the children to complete any requirements to receive your assets?
Many parents also choose to help their children become members of society before they can receive their inheritance.
What if they get the land you left them before finishing college, sell it and live off of it for as long as it lasts?
If you want them to make something good of life, maybe you can protect them from themselves with your will.
These are just a few important issues to think about. A lawyer experienced in family law can give you specific advice on what to include in your will to protect your children.
Nobody wants to face the fact that one day they might not be there for their children. Drafting a will does not mean that you are preparing to leave your kids. Just the opposite – your will shows that you are a good parent. A parent that wants to take care of their children for as long as they can, even after they are not around.
Drafting your will today shows the ultimate responsibility, love and care for your children’s protection.
Do not hesitate to look for help online and offline while writing your will. Click here to find help and resources.