If you and your spouse have recently started a family, then we think it’s fair to say that the last thing on your mind is the often-grim topic of estate planning. After all, deciding how one’s belongings will be distributed after their passing is something that not many would like to do.
However, it’s important to know that drafting a will early can be an extremely beneficial option. Furthermore, doing so with the help of an estate planning lawyer in McAllen can be one of the best decisions you’ll ever make. We’d like to go over three tips that new families should consider when drafting a will.
Consider Adding a Trust
Deciding what to pass onto your children, other family members, or friends should be based on the size of your estate. Some inheritances include deeds to homes or family heirlooms, but most people choose to set up trusts.
There are a variety of trusts to choose from and a few of the benefits they offer include:
- Ensuring that money will not be requested to pay off debts during the probate process.
- Providing the option to set up a trust for a child’s educational wishes.
Name a Guardian for Your Child
It’s also important to consider your child’s health when drafting a will. If a child has a long-term illness or may need supervised care as adults, you and your spouse may want to assign a guardian in your will to oversee their care. You can also appoint someone as a directive who will be responsible for making medical decisions on your child’s behalf.
Regularly Update Your Will
As your family grows, it’s best to adjust your will accordingly. You can do this by contacting our estate planning lawyers in McAllen to make the changes for you. A few questions you’ll want to answer while updating your will include:
- Are there any additional family members or friends that you wish to gift an inheritance to?
- Has your children’s health changed? And if so, do you need to include any special instructions for their well-being?
It’s Never Too Early to Draft a Will
Drafting a will for your family is a very crucial step. Contact our estate planning lawyers to help you today.