The two main reasons why you should have a will if you have minor children are: (1) guardianship nomination; and (2) controlled asset distribution.
Guardianship Nomination:
In a will, you can nominate a guardian for your minor children. This is crucial because if both parents were to pass away without a designated guardian, the court would have to decide who will take care of your children. By including your preference for a guardian in your will, you can ensure that someone you trust will be responsible for raising your children if you are unable to.
Controlled Asset Distribution:
A will can establish trusts to manage and protect your children's inheritance until they reach a certain age. This ensures that they are financially provided for and that their inheritance is managed responsibly. You can also appoint a trustee to oversee the trust and make financial decisions on behalf of your children.
If you have minor children and are in the need of a will, please contact the Law Firm of Gabriel W. Taylor.
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