Adding children to your will is a big decision that should not be taken lightly. Before making this decision for your will estate planning, you must take a few things into discussion. Read on to learn more.
1. Consider Your Child’s Age and Maturity
You will need to determine if your kid is old enough to understand the obligation of being a beneficiary. Additionally, you will need to determine if your child is responsible enough to handle the financial burden of being a beneficiary.
If they are young, you may wish to wait to add them to your will estate planning until they are a bit older. This way, they will better understand what it means to inherit your assets.
2. Choose Beneficiaries for Your Children
You need to choose a guardian for your child. This is someone who will be liable for taking care of your child if something happens to you. Choosing someone you trust and know will be a good caretaker is essential. Determine if your child gets along with the other beneficiaries and if they can work together to receive their inheritance.
You must have a guardian to care for your kids if something happens to you. This person should be implicitly trusted and capable of taking on the responsibilities of raising your children.
3. Decide How Your Child Will Inherit Your Assets
You can leave everything to them outright or set up a trust. This is something you should discuss with your attorney. This will help you recognise if your child is in an excellent financial situation and if they can handle the influx of money from an inheritance.
4. Make a List of Your Assets
Your will should include a list of your assets and how you want them distributed. This will ensure that your wishes are hoisted out and that your family is taken care of financially.
5. Plan Out How You Want to Distribute Your Assets
Do you want to leave all to your children equally? Or do you have a specific reason for wanting to go more to one child than another? It’s essential to think about how you want your assets to be distributed before adding children to your will estate planning.
6. Keep Your Will up to Date
As your life changes, so should your will. Be sure to review and update your choice regularly, especially if you have significant life changes (like getting married, having kids, etc.). You need to update your beneficiary designations. This includes your life insurance policy, retirement accounts, and investments. You want to ensure that your beneficiaries are up to date so that your assets pass to the individuals you want them to.
7. Talk to Your Kids about Your Will
You should talk with your kids about your will, why you’re making changes, and what they can expect. This will help them understand the document’s importance and allow them to ask any questions they may need to clarify.
8. Ask for a Professional Help
Adding children to your will is a big decision with potential legal implications. It’s vital to get professional help from a lawyer or financial advisor to make sure you’re making the best decision for your family.
It is essential to think about how you want your assets divided up in the event of your death and to update your will accordingly once you have children. You should also consider appointing a guardian for your offspring in your will in case something occurs to you and your spouse. Taking these precautions will help to ensure that your children are taken care of in the event of your death.
If you are considering will estate planning or have any questions about the process, it is essential to seek legal advice from a qualified Ontario lawyer. At Ontario Wills, we can put you in touch with experienced lawyers who can provide you with the information and guidance you need, all from the comfort of your home. Contact us today to learn more.