Posted on October 11, 2022 in Estate Planning

Despite the importance and usefulness of a will, fewer than one-third of Americans have one. Yet having a will is a very important part of protecting your beneficiaries (the people who will inherit your belongings), and is even more important for parents of young children. Even if you think you have very little wealth to pass on, a will contains information that will protect your children and your wishes for them if something happens to you. Learn more about why wills are so important for young parents, and then contact an Illinois estate planning attorney for help writing yours. 

Why Should Young Parents Have a Will? 

For young parents, the single most important reason to have a will is that it provides the opportunity to designate your child’s legal guardian if one or both parents pass away. If only one parent passes away, the surviving parent is usually given legal custody. However, not all children have two parents who can care for them. In some tragic cases, both of a child’s parents pass away. If something happened to you and your child’s other parent, who would you want to care for your child? Naming a guardian is the best way to ensure that this vital decision is up to you. If you do not name a guardian, the decision about who will care for your child will be left up to the court. 

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