Most people know what a will is and why having one is important, but a lot of people do not understand the direct connection that a will has to their young kids. A will is not only used to give instructions for dividing assets, but it is also a tool parents can use when they have young kids as a way of protecting their kids. Here are three important factors of a will that relate directly to kids, and you should add these things to your will if you have kids that are young.
Guardianship if they are young when you die
If your kids are young, it is absolutely necessary for you to make arrangements for them just in case something happens to you or their other parent. If you both die in a car accident, for example, the court would decide where they go, and they could even end up in a foster home and separated from each other. The only way you can avoid this problem is by creating a plan for it. Hopefully, nothing like this will happen, but having a plan in place offers protection if needed. When you think about this, you will want to name a person to be the guardian of your kids that you trust completely and that would care for your kids in the best way possible. This could be a relative or a friend, and you should ask the person if they are willing to do this before you list them on your will.
The second part of your will that can affect your kids is the person you name as the executor. The executor of a will is the person that ensures that your wishes are fulfilled and carried out if you die. This person should also be someone you trust completely, as this person may have to make decisions relating to your kids.
How to handle asset transfer to your children
You should also consider adding details about asset transfer to your kids, and the main thing to add on your will is when your kids should receive the assets you leave them. You can choose any age, but you should make sure you choose an age that is 18 or older.
Creating a will is probably one of the best things you can do to protect your kids. If you would like to begin working on your will, or if you have questions about it, contact a law office that offers estate planning services.