When you have children, your responsibilities multiply, and so do your concerns. One often overlooked yet important aspect of responsible parenting is making a will.
This legal document ensures the following of your wishes after your passing and can provide significant benefits for the futures of both adult and minor children.
One of the most significant reasons to make a will if you have minor children is to designate a guardian for them. Without a will, the court may have to determine who will take care of your children if both parents pass away. By using a will to specify your choice, you ensure that someone you trust will raise your children.
You can use a will to establish trusts for your children. Trusts allow you to specify when and how your children will receive their inheritances, ensuring that they are financially secure. This can be particularly important if your children are not yet of legal age or if you have concerns about their financial responsibility.
A will allows you to clearly outline asset distribution after your death. By doing so, you can ensure that your children inherit what you intended for them. This can be especially important if you have specific wishes for their education, health care or other needs.
Reduced estate taxes
Virginia does not have an estate tax, but federal taxes may apply to estates worth $12,920,000 or more. With proper estate planning, you can potentially reduce the amount of estate taxes in your situation. This can help preserve more of your assets for your children’s benefit.
Lack of family disputes
Without a will, disputes among family members can arise over the distribution of your assets. This can lead to costly and emotionally draining legal battles that may negatively impact your children. By making a clear and legally binding will, you can minimize the chances of such conflicts.
Perhaps the most important reason to make a will if you have children is the peace of mind it provides. Knowing that you have taken steps to protect your children’s future and provide for their needs can offer a profound sense of relief.