3 Reasons New Parents Should Consider Writing Their Wills
2020 has opened our eyes to how fragile human life is and how increasingly challenging it can be to take care of your newborn children. The COVID-19 pandemic has also taught us that we need to plan ahead and always think about preventive measures and safety plans. One of which that you, as a new parent, should seriously think about is writing a will.
Having a will in case of your untimely death is a scenario that many new parents don’t want to think about, but it’s a reality. Many don’t realize just how important this legal document is, especially when raising children.
According to an Angus Reid survey, a shocking 51 percent of Canadians don’t have a will, and 15 percent have legally binding wills but have outdated information. It is an alarming trend that needs to stop. Fortunately, you have the opportunity to be more responsible than others.
This article will discuss three reasons why new parents like you and your significant other should think about writing a will as early as now. Take this as a contingency plan to preserve your valuable assets and think about your children’s bright future.
Wills keep the family assets within your bloodline
Wills often have a stigma attached to them as documents only meant for nobility because of talks about preserving the prestige of one’s bloodline. However, practical new parents know that a will is nothing like that. It’s a lifesaving document that keeps your assets within the immediate family, meaning there won’t be any confusion about who inherits what, which often leads to disputes.
Using a will to keep family assets within the bloodline is also an opportunity to keep your legacy alive. For example, let’s say you own a small business in Ontario that sells maple-flavoured candies. This company may have sentimental value to you because you worked on it with your father. It would be a shame just to give your business to strangers. By writing a will, you can affix ownership of the business shares to your children. That way, they can keep your business open and maintain your proud family’s name!
Wills protect your children’s welfare and their future
Your primary focus as a new parent is to provide for your children, meaning taking care of their financial needs and giving them opportunities to grow. All these efforts can go to waste if you suddenly die, and they are left with nothing. That’s why drafting and amending a will is so important.
You need to note that one of your will’s main features is your preferred guardian for your children, legacies, and bequests. You are essentially designating trustworthy people and resources to secure your children’s futures despite your unfortunate passing, so take the process of drafting your will in stride and use it as an active step towards being a responsible parent!
Wills are easy to make, and there are willing attorneys that can help
Your emotions may be in check when you write your will, but you may have no concrete details about what you need to write and who you can trust. For instance, you need to think of an executor, a trustworthy individual who can administer your estate when you pass to initiate your final wishes. You may also need to consider different assets, as some may be more obvious than others.
Fortunately, there are legal will and estate planning attorneys that you can conveniently approach for your drafting. All the proceedings can happen online, and you can complete your will in no time! That way, you are prepared to take care of your other obligations as a new parent and take this massive weight off your shoulders!
Writing a will may be an emotionally draining experience, but you have to remember that doing so is your responsibility as a new parent. Fortunately, there are also legal advisors that you can approach to ensure that your will is well-drafted and legally binding. Consider all the previously mentioned reasons, and learn how to write a proper will today!
Are you in need of professional last will and testament services in Ottawa? Consult with our attorneys at Ottawa Wills & Estate Plans. We are your dedicated team of legal experts equipped with the professional expertise and guidance you need to amend your wills. Start your will drafting with us and think about your family’s welfare!