Your Will as a new Parent

Welcoming a child to your family is a wonderful and terrifying experience all at the same time. Your entire life changes in that moment and while there are so many things that you need to buy, change and prepare for, creating a Will as a new parent is something that a lot of new parents forget about. You have purchased the swaddles, set up the nursery and purchased the big SUV to keep your family safe, but parents now, as difficult as it is to think about, you need to ensure that your family is protected if the worst happens and you pass away unexpectedly or you and your partner/spouse both pass away at the same time.

A Guardian for your children 

Your Will allows you to decide who gets what but as a parent or soon-to-be parent, your Will lets you decide who you trust to take care of your child(ren) should you and your partner/spouse pass away. If one parent survives they will likely be responsible for your child(ren)’s care but if you both pass away at the same time, your Will should specify who will care for your child(ren) until they turn 18. You may also want to consider naming a second/alternative person to care for your child(ren) if your first choice is either unable or unwilling to care for you child(ren).

Protect your estate 

When you prepare a Will you control what your children receive, when and how. Your Will allows you to set up a trust for your children so they receive money/support while they are still minors. If you do not want your children to receive a significant inheritance at a young age, your Will can dictate that. Without a Will, the Wills and Succession Act will determine what happens to your estate.

Efficiency and reduced costs 

Preparing a Will not only saves your loved ones time, but it ensures that your estate is divided to your wishes. If you have children, you control who brings them up should you and your spouse die but even if you do not have children, a Will is important to ensure that your assets are divided according to your wishes. Without a Will, your loved ones have to go through a time consuming Court process at a significant cost, all while being unable to access Estate funds to assist with those increased costs.

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Should you wish to proceed with having your Will prepared to ensure your children are properly cared for, don’t hesitate to contact our office for a free consultation.

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