If you do not have children — maybe you just don’t have them yet, or maybe you don’t plan to have them at all — it is still important to write a will and do your estate planning. However, this becomes especially important if you do have kids. It raises the stakes.
Prior to the birth of your children, the will is more about you and your assets than anything else. It’s just a way to make sure that your assets go to the people you choose, to reduce the tax debt of your estate and things of this nature. It’s almost business-like in nature.
After your kids are born, though, the goals shift. Now your will is about providing for your children if you’re not around to do it. Now it’s about making sure that they have the support they need to be well taken care of for years to come.
This support comes in many forms. It may directly mean financial support as you leave your money to them or put it into a trust. It may mean the more day-to-day support they get when you name a guardian who can step in and raise them in your place. No matter what, you absolutely want to have the proper plan in place because your children’s future depends on that plan.
Having a child is a big transition point in your life, and it is very important for you to work at this with their best interests in mind. Make sure you know what steps to take to set up the best estate plan for your family.
