The Importance of Creating a Will for Young Families: Protecting Your Loved Ones

When starting a family, it is important to consider what would happen to your loved ones in case something should unfortunately happen to you. Estate planning is essential for families, especially young families, and creating a will is one of the most important steps you can take to ensure that your family’s future is secure.

Overview:

1. Do I Need a Will?
2. What Elements Should Be Included in a Will?
3. What Should Young Families Consider When Creating a Will?
4. Tips for Creating a Will
5. What if You Don’t Have a Will?
6. Frequently Asked Questions
7. How Margerie Law Can Help

1. Do I Need a Will?

The short answer is, yes! Young families especially should have a will for a variety of reasons, including designating a guardian for minor children, distributing assets, financial planning for your children and having peace of mind that your loved ones will be taken care of should something happen to you.

2. What Elements Should Be Included in a Will?

When creating a will, it is important to include certain elements that ensure your wishes are followed after you pass away, including:

• Appointing an Executor: This individual is responsible for carrying out your wishes as outlined in the will. They manage the estate’s distribution and handle any related responsibilities. This individual should be someone trustworthy and capable of managing your estate. Common choices for executors include adult children, other family members, trusted friends, or professional executors like attorneys or accountants.
• Descriptions of Your Assets: Your will should contain a comprehensive and detailed description of each asset you own. This includes property, bank accounts, investments, and personal belongings.
• Naming Beneficiaries: Beneficiaries are those who will receive specific assets or portions of your estate. It’s crucial to clearly define who these individuals or organizations are.
• Appointing a Trustee: If you’re leaving assets to minors or others who may not be able to manage them, appointing a trustee is advisable. The trustee manages these assets until the beneficiary reaches an age where they can take over.

3. What Should Young Families Consider When Creating a Will?

Young families should also consider other elements when creating a will, such as:

• Planning for Minor Children: Arguably the most important part of a will for young families is choosing guardians for your minor children. This ensures that should anything happen to both parents, the children will be taken care of by individuals you trust to raise your children.
• Creating a Revocable Trust: A revocable trust, also known as a living trust, can be altered or canceled during your lifetime. It helps reduce estate taxes and protect assets from creditors, making it a valuable tool for estate planning.
• Making Funeral Arrangements: While it may seem morbid, including specific instructions for funeral arrangements in your will can alleviate the burden on your family during a difficult time. This could encompass everything from the type of service you want to how you’d like to be laid to rest.

4. Tips for Creating a Will

Creating a will can seem overwhelming, but there are certain steps you can take that will make it easier:

• Make a list of all your assets. When preparing to draft a will, it’s essential to begin by making a comprehensive list of all your assets. These can include real estate properties, financial investments, digital assets, personal belongings, and any other items of value.
• Make a list of who you want to receive your assets. Once you have this list, think about who you want to inherit each asset and specify these wishes in your will.
• Consider creating trusts for minor children or other beneficiaries who cannot manage their own assets. Trusts can provide financial security and ensure that the assets are used in the beneficiary’s best interest.
• Consult with an estate planning attorney. Experienced estate planning attorneys ensure that the will meets all legal requirements and is enforceable.

5. What If You Don’t Have a Will?

Young families may be wondering “What would happen if I don’t have a will?” It is important to have a will in place, even if you don’t have a lot of assets. If you pass away without a will in Wisconsin, your assets may be distributed based on the state’s “intestacy laws.” These laws provide guidelines for the court on how to divide a deceased person’s assets among their surviving spouse and descendants.

6. Frequently Asked Questions

What is a will?

A will is a legal document that outlines how your assets should be distributed in the event of your death. It also allows you to appoint guardians for minor children and trustees who will manage assets left to minors until they reach the age of majority.

At what age or stage in life should I consider creating a will?

If you have started a family, it’s crucial to create a will. Welcoming a new baby, purchasing your first home, or simply wanting to plan for the future are all significant stages in life when you should consider creating a will no matter your age.

Can I change my will as my family grows and circumstances change?

Yes, you can and should update your will as your family grows. Life events such as the birth of a child, marriage, divorce, or even a significant change in your financial situation are all good reasons to review your will.

7. How Margerie Law Can Help

Creating a will or estate plan can seem like an intimidating task, but it doesn’t have to be. With the help of a knowledgeable and compassionate estate planning lawyer like Margerie Law, you can ensure that your family is taken care of and that your wishes are followed. Contact us today to learn more about how we can help.

By Paul Margerie, Owner of Margerie Law

Paul Margerie of Margerie Law is a knowledgeable and experienced estate planning attorney based in Wauwatosa, WI. With years of experience helping families and individuals with their estate plans, he offers a gentle touch that puts his clients at ease. He understands the sensitive nature of this work and ensures that all details are taken care of with precision and accuracy. He strives to help each client achieve peace of mind that their future is protected by providing personalized advice and creating tailor-made solutions that fit their individual needs.