Becoming a parent is a life-changing experience, and it’s natural to start thinking about your child’s future and protection. While legal documents may not be top of mind, creating a will is one of the most loving things you can do for your child. Here are five essential things every new parent should know about wills.
1. Naming a Guardian Is Crucial
If you pass away while your child is a minor, your will allows you to nominate a trusted guardian. Without a will, a judge who doesn’t know your family will make this decision. By naming a guardian, you ensure your child is cared for by someone you trust.
2. Choose a Reliable Executor
An executor (or personal representative) manages your affairs through probate and ensures your wishes are carried out. Select someone trustworthy and organized—whether a family member, friend, or professional. Without a will, state law decides who takes on this role, which may not align with your preferences.
3. Beneficiary Designations Override Your Will
Bank accounts, retirement accounts, and life insurance policies often have named beneficiaries. These designations take precedence over your will. Review all beneficiary forms with your financial advisor and attorney to ensure consistency and avoid unintended outcomes.
4. A Will May Not Be Enough
A will is a good starting point, but it has limitations—especially when leaving assets to minor children. The court may appoint someone to manage your child’s inheritance until adulthood, and the process becomes public record. Consider a testamentary trust or a revocable living trust for more control, privacy, and flexibility. Remember! A revocable living trust avoids probate and lets you specify how and when your child receives their inheritance.
5. Clear Instructions Prevent State Intervention
Your will, trust, and other estate planning documents serve as your legal instruction manual. Without clear instructions, the court applies the state’s default plan. An estate plan ensures your wishes for your child and loved ones are honored.
Protect Your Child’s Future
Creating a will is a loving step toward protecting your child’s long-term future. Every family’s needs are unique. Rincker Law is here to help you understand your options and create a plan that fits your goals. Contact Rincker Law PLLC today at (217) 774-1373 to schedule a consultation to discuss wills for new parents and ensure your little one is always cared for.
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