It is understandable that as a new parent, you want the best possible life for your child. Among the many things that new parents think about, wills are often one of the last. In reality, though, creating a will is an important step to take for your family’s future. The following will review just a few of the important things that new parents need to know about wills.
Always Make Sure to Clearly State Your Intentions
Wills, as well as other estate planning documents, are best viewed as instruction manuals for your executor and the court to follow after your death. You must clearly express your intentions regarding your wishes, or a New York court will likely interpret how your estate should be administered.
Beneficiaries on Financial Accounts Play an Important Role
Most financial accounts allow a person to name a beneficiary. After you pass away, the funds pass to the beneficiary who is named on the account. If you create a will with a child in mind, it is a good idea to review your financial accounts to make sure that you have not named any inconsistent beneficiaries elsewhere.
Name an Executor You can Trust
To make sure that your child receives all that he or she can, it is critical to appoint a trustworthy executor. Many people select a family member to act in this position. It can also be an excellent idea to name a trusted estate planning lawyer to act in this position. Naming an executor who fails to satisfy his or her obligations can result in your estate being administered in an undesirable way.
Selecting a Guardian is a Vital Decision
Should you pass away while your child is still a minor, you need to designate who will assume responsibility for the care of your child. If you do not name a guardian in your estate plans, courts might appoint someone to act as a guardian. The court might choose someone whom you do not feel is capable of doing the best possible job as a guardian.
Wills are Not Always the Proper Estate Planning Document
If you want to name a child as a beneficiary, it is important to understand that a will only goes into effect after you pass away. If your will leaves property to minor children, the court will intervene and hold assets for the child until he or she reaches the age of 18. Many 18-year-olds lack the maturity to handle complex assets, which is why it is often a better idea to avoid passing assets in this manner to children.
Speak with an Experienced Estate Planning Lawyer
Being a new parent creates many new and necessary tasks including estate planning. If you need the assistance of an experienced estate planning lawyer, contact attorney Jim A Lyon today.