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Recently Had a Child? 3 Reasons to Get a Will

Last Will and Testament
As you and your partner expand your family, you both must take steps to protect your children now, as well as into the future. As you make plans with your finances, put an equal amount of focus on your will.

When a person dies, their wishes are not automatically granted. Only with a will in place can you ensure that your family will be cared for based on your desires. If you just had a child and don't have a will, learn why you need to get one as soon as possible. 

1. Name a Guardian

Creating a will offers you the opportunity to name a guardian. In an ideal situation, when one parent passes, the other parent can fulfill their duty to their children. However, an unexpected tragedy could strike and leave a child without either parent. If the parents have not established a guardian, the state will take over the responsibility.

Who cares for a child has a lasting impact on their life. The goal is to ensure your child is cared for by someone who will nurture and care for them in a manner you see fit. When you draft a will, you have full discretion to designate a guardian who you know will have their best interest at heart and give them the greatest opportunity for success.

You should sit down with your partner to discuss in depth who you will name as a guardian.

2. Establish Inheritance Criteria

A will gives you control when it comes to determining how your assets will be distributed to your children upon your passing. First, you have the option to decide at what age you want your children to receive their inheritance. For example, you can include language that gives your child 25 percent of the estate at age 18 and the remaining 75 percent when they turn age 25 if you want to.

Second, you're also given the authority to establish parameters for the child to receive their inheritance. For instance, you can include language that requires the child to obtain a college degree before they can receive their inheritance.

If you have specific goals or desires for your child to accomplish, even in your passing, you have an opportunity to help steer your child in the right direction with a will. Knowing that your child will be okay when you're not here is the ultimate confidence. 

3. Ensure Fair Asset Distribution

The dynamics of your family today are not guaranteed to be the dynamics of your family at the time of your passing. Unfortunately, the spouse that you are married to today, and have children with, may not be your spouse years from now.

If you were to pass without a will and you had recently remarried, your new spouse would automatically get as much as your children. In Georgia, when there is no will, the deceased's assets are divided equally. So, if you had a new spouse and three children, each would receive a 25 percent share.

When you establish a will, you get to determine exactly how your assets are distributed. So, if you don't feel a new spouse should be entitled to the same amount as your children, you have the option to control the matter.

Do your part to ensure your children are protected whether you're here or not. At the Law Offices of Scott J. Forster, we can help you prepare a will that safeguards your children. At our office, we are happy to sit down with you to discuss your needs and wants to draft a will that gives you peace of mind that your family will be okay. Contact us so we can help. 

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