Set up Will

Bobo Team • All you need to know • 2 min read • Written by Sean Mikucki, Financial Advisor

Setting up a will is an essential step for new parents, often overlooked in the whirlwind of preparing for a baby. Here are compelling reasons why it's important for new parents to set up a will, along with some advice on how to approach this critical task:

Guardianship of Your Children: A will allows you to appoint a guardian for your children in case both parents pass away. Without a will, the court decides who will care for your children, which might not align with your wishes.
Financial Security for Your Family: Through a will, you can specify how your assets should be distributed to support your family's financial needs. This ensures your assets are used to provide for your children's upbringing, education, and future welfare.
Avoiding Probate Delays and Disputes: A will can simplify the legal process, making it easier for your assets to be transferred to your beneficiaries. Without a will, your estate goes through a lengthy probate process, which can lead to disputes among relatives over your assets.
Peace of Mind: Knowing you've made arrangements to protect and provide for your family can give you peace of mind. A will ensures your wishes are known and can be followed, relieving your family of additional stress during a difficult time.
Flexibility and Control: A will offers flexibility and control over how your assets are distributed. You can include specific gifts, donations to charities, and instructions on how to manage assets until your children reach adulthood.

Advice on Setting Up a Will:

Seek Professional Help: Consider consulting with an attorney who specializes in estate planning. They can provide advice tailored to your family's needs and ensure your will is legally valid.
Discuss Your Plans: Talk to the people you want to name as guardians or trustees to make sure they are willing and able to take on these responsibilities.
Update Regularly: Life changes, such as the birth of additional children, a change in marital status, or significant changes in your financial situation, necessitate updates to your will to reflect your current wishes.
Safe Storage: Store your will in a safe place and let the executor of your will or a trusted family member know where it is. Some choose to keep it in a safe deposit box or with their attorney.
Consider a Living Will and Power of Attorney: Alongside your will, consider setting up a living will (to outline your wishes for medical treatment if you become unable to communicate) and a durable power of attorney (to designate someone to make financial decisions on your behalf).

For new parents, setting up a will is not just a financial or legal action but a profound act of love and responsibility towards their children. It ensures that, even in their absence, their children’s futures are secured and their wishes are honored.

This information is provided for entertainment purposes only. We do not accept any responsibility for any liability, loss or risk, personal or otherwise, incurred as a consequence, directly or indirectly, from any information or advice contained here.

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