Now that you and your wife have started a family, it is especially important that you begin to think about their future. Beyond planning for your baby daughter's college, you should take steps to protect her interests in case the worst should happen to you and your wife. You may feel like you have plenty of time before you need to worry about end-of-life decisions, but in reality, it is never too early to start planning.
Accidents happen every day and there is no way to predict if you will be the victim of a drunk driver or pass away in your nineties. Do not leave your family's future to chance by not taking the necessary steps to protect what matters most. An experienced estate planning attorney in the Fullerton area can help you plan for your family's future. Read further for important reasons why you should make a will.
You choose who will manage the estate
By taking the steps to make a proper will, you will be able to choose who executes and manages your estate. If you do not have a will in place when you die, the court will appoint someone to take charge of your estate and oversee the distribution of your assets. In your will, you can appoint a person you trust to manage the estate according to your desires. You will want to choose an individual that can handle the responsibility of carrying out your final wishes and closing your affairs.
Decide who inherits
Your chosen heirs should be included in your will. You can specify which individuals or organizations receive all or a portion of your property when you pass. For example, you can leave a certain amount of money to a charity of your choice or your muscle car to your favorite nephew.
Decide who does not inherit
Without making your wishes clear, a person that the state usually considers eligible to inherit may receive part of your estate against your intentions. Your will provides a way to specify which persons should receive what and which persons should not receive anything.
Appoint a guardian
In your will, you can appoint a guardian for your minor daughter should both you and your wife pass before she reaches her majority. If you do not name a guardian in your will, the court will appoint one that it considers most suited to the task. This means it is possible that your child will be placed in the home of a complete stranger instead of a trusted friend or family member.
You also have the right to appoint an individual to be the trustee for your child's inheritance until she reaches her majority. Again, you will want to choose a person whom you trust to manage the inherited property and make decisions that protect your daughter's interests.
Take the necessary steps to ensure your family's future by making a proper will that protects their interests. A will can ensure that your family is cared for according to your wishes.