Willingly Prepared

If you’ve ever left the house with an extra pair of training pants in your purse, you understand the need to prepare for the worst. Getting to a lawyer’s office and having your will drawn up (or updated) follows the same principle. Just. In. Case.

To help you get started we spoke with Bill Parker of Parker and Company and he gave us some thoughtful advice about what to think about when it comes to estate planning.

Why the Will
Simply put, it lets you express your wishes even after you die. If the worst happens and your children are left without parents it lets you name the person (or people) you would like to take on the role of their guardian or guardians. The person you appoint will immediately be able to care for your children when they need it most and any family struggles will be avoided (when your children need that least). The wishes you express in your will also have a strong influence when the courts decide on permanent guardianship for your children.

The Guardian
In order to pick a guardian for your children, you should try to make the decision based on who would be capable and best suited to take on the job. For example, your children might be close with their grandparents, but you need to decide if your parents are physically capable of looking after young children.

Definitely talk to the person(s) you plan to name as your children’s guardian before you meet with your lawyer to ensure they are willing to take on this huge responsibility. Feel free to ask them practical questions to ensure their core parenting values are not at odds with yours. The goal is for everyone to be comfortable with your choice (especially you).

Choose an Executor
Your will also allows you the opportunity to appoint someone to look after your children’s finances. Naming a responsible adult to take care of the bills and make financial decisions on their behalf will give you even greater assurance that your children will be okay if you aren’t around. It will also allow you to decide if you would like to delay at what age they will receive their inheritance. Many parents don’t think their children will be mature enough to come into a large sum of money when they turn 18. In your will you can outline how old they will be when they receive the money and still ensure that they have the funds to go to college and live comfortably until they are a bit older and wiser.

Think of it as a spare diaper and you ‘will’ be relieved. 

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