There’s a lot to juggle as a new parent. First, you have the dreaded “100 days of darkness” – the roughly three-month period of having a newborn where sleep is in short supply. Next is the infancy phase, as your baby learns to crawl, walk and eventually brim with personality (again, not much sleep to be found). Then, just when you think you’re in the clear, you’re hit with the “terrible twos,” as your child tests their boundaries in spectacularly loud fashion!
That’s not to say parenthood isn’t a blessing – it absolutely is – but it leaves you little time for life’s other considerations. One of those considerations is making a will. As you’ll see from the following article, despite the frenetic pace of new parenthood, it’s always wise to plan a will.
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Here are five things every new parent should know about a will.
As this news article illustrates, wills are an essential document for new parents. They allow you to focus on the big picture – to look ahead at how your assets are distributed and legacy is cemented.
A leading Sydney wills and estates lawyer explains, dying without a will – known as dying “intestate” – can bear several consequences for your family. In the absence of a will, the government decides how to distribute your estate, which can leave your family mired in the lengthy process of protecting their legal and financial interests in court.
With luck and healthy habits, you should live a long life. But life also has a way of throwing unexpected curveballs occasionally. You may not want to think about what happens if you (and your spouse) die early, but doing so is a responsible, sober and ultimately protective step in parenthood.
If you pass away while your child is still young, they will need guardianship. In cases where deceased people die without a will, the government – again – chooses the guardian. Whom they choose may not be your first choice – or even your fifth. Writing a will allows you to choose your child’s guardian.
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It’s Easy and Affordable
Some parents balk at the idea of putting together a will because they assume the process is lengthy and costly. It’s not.
If you partner with an online law firm like Axess Law, the process is simple and affordable. Online law firms offer flat/predetermined rates for their services, and you can undertake the process entirely online. As a busy new parent, time and money can be tight – so teaming up with a virtual law firm makes perfect sense.
It Shouldn’t Be Put on Hold
It’s tempting to leave these kinds of major life choices for “another day.” After all, you might tell yourself, you don’t know exactly how you want to divvy your assets, so there is no sense in setting anything in stone.
There’s an occasional misconception about wills that they are unalterable, irreversible documents. They aren’t. It is best to lay the foundation for your wishes now. If anything changes, you can always update your will.
Although you are undoubtedly busy, consider making time to book a meeting with a virtual will lawyer. You’ll be happy you did.