If you are a young adult welcoming a child into your family for the first time, the idea of writing an estate plan might not be at the forefront of your mind. The reality, though, is that starting a will early on can ensure that your children will receive the care they deserve if something unfortunate happens.
One of the most important provisions to include in a will when you have minors in your care is the naming of another legal guardian. By understanding the importance of naming a guardian for your children and how to do so, you can make proactive estate planning decisions.
Naming a guardian protects your children’s future
Following the process to name a legal guardian in your will ensures that the court will pass custody of your child to the named individual upon your passing, so long as a judge deems it safe to do so. Your chosen person should meet the qualifications for guardianship and be willing to assume that role. Upon assuming guardianship, that individual receives decision-making authority regarding your child’s future and can ensure they grow up in a comfortable environment.
You can amend your will when a new child is born
It is a good practice for young adults to draft a will upon starting a family. You can then amend your will as circumstances change, such as when you welcome additional children. If it becomes preferable to name a different guardian, then you are free to work with your estate planning team to make that change.
Very few people consider the worst, especially during times of great joy such as when a child joins the family. By exercising that kind of forethought, though, you can protect your family’s future even if tragedy strikes.