3 tips for why parents need a will

November 3, 2015

Facing up the possibility of an untimely family death is something most of us would like to avoid. But does this help your children? The following tips will take you step by step through the process of writing a will.

3 tips for why parents need a will

Selecting a guardian

If you have minor children, you should name a guardian to take care of your children after your death. The surviving parent is often the guardian, but if both parents die, you need to have appointed a guardian in advance.

By creating a will, you can make sure the correct people will gain guardianship without any need for family disputes. If you fail to address the issue of custody, the matter may be left to the court system and could lead to heartache and acrimony amongst those you leave behind.

Avoid intestacy

If a parent dies without a will, he or she is considered intestate. This means that the laws of the province you live in determine how your assets will be distributed to your heirs. If you want your specific wishes carried out after your death, you need a will. Keep these points in mind:

·         Every province has different laws, but in general your surviving spouse is granted any assets upon your death.
·         When children are involved, each province provides specific rules for the division of assets.
·         If you have children from different relationships, it gets more complicated.

·         The only way to ensure that your assets reach the desired beneficiaries is with a legal will.

Trust funds

Along with a will, you may also choose to set up a trust fund for your children. A trust is an arrangement that allows a person, or trustee, to manage assets without actually owning them. Using such an arrangement, you can determine when your children get the insurance money or the assets of your estate.

You will need to appoint a trustee to manage the trust. This can be a friend, relative, or a bank. Setting up a trust through your will is an effective way to ensure your child gets the money he or she needs for living expenses, medical expenses, or tuition before the terms of the trust go into effect. It is also an effective way to keep details of your assets private, since these will not go public upon your death - unlike those of a will.

A will and a trust fund can give parents peace of mind and the knowledge that their children will be care for following a tragedy.

3 easy steps to making a will

There are several ways you can ensure that your children will be safe, protected and provided for in the event of family tragedy. These three tips are sound bases to work from for their care, giving everybody peace of mind.

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