The Importance of Updating Your Will

The Importance of Updating Your Will

Having a child is a huge transition. Regardless if it’s your firstborn or your fifth, the birth of a baby is a tired, chaotic time. Your life is a commotion of feedings and diapers, no sleep and no showers. The last thing on any new parent’s mind is updating a will. After the whirlwind of introducing a new baby into your routine calms down to a quiet breeze, updating your will should take top priority. Your will not only directs how your property and estate is dispersed, but it also determines your child’s guardian. Without a will, a state judge would appoint one for you. Confused as to how to get started? Here are a few things to consider when preparing to update your will. When choosing a guardian for children, most people turn to close family members but it is possible to consider trusted friends Your parents may be exceptional grandparents, but are they capable of handling the day-to-day care of a very small child? It’s important to consider the physical ability as much as the lifestyle and values of the guardian you choose.  Some people even combine family members as guardians. For example, a grandmother is the guardian of a small child with older siblings. When the oldest sibling reaches a certain age, that child becomes the guardian for his or her younger siblings. Determine who will receive your property Ask yourself the hard questions. If one parent dies, will the property go solely to the surviving parent?…

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