First-time parents need a will

Between feedings and changing your newborn's diapers, you might give some thought to what would happen to your child in the event of your death. 

Without a will, you die intestate, which means the legal system decides what will happen to your worldly goods. If you have a will, it’s a good idea to review and update it as the old one probably does not have a provision as to whom you would appoint as guardian. 

Many wills have a provision for guardianship, although such a provision is not legally binding. It simply expresses your wishes with respect to your children.  It is possible, after your death, that a court of competent jurisdiction could overrule your decision, based upon the best interests of the child.

There are many considerations when choosing a guardian(s).  Is that person willing to act?  Will he/she raise the child in accordance with your values, ethics, or religion, if applicable?  Can that person afford to raise your child? Should you choose different guardians for different children? 

These are but a few of the things you need to consider.  

You will also want to provide for your child in your will.  There are various ways to do this.  One is to provide that another adult hold your property in trust for the child, until he/she reaches a specified age.  What will that age be?  It is often the case that the specified age relates to the parents' consideration of their own experiences, good or bad.  

Again, be sure to consider how your guardian is to financially manage his/her responsibility. Do you want to provide a bequest to a charity or organization relating to children?   Once you have a child of your own, it is likely that you become more cognizant of those groups advocating for children, their health and well-being.   

With a baby on board, you may want to review your bequests of personal items. Many parents want to bequeath jewellery, and various other family keepsakes to their children.   

Your choice of executor may also warrant review.  That individual is responsible for carrying out your wishes.  When you are a parent, often the nature of those wishes changes, as reflected in your will.

Also read:

My will is done (and my husband's is too)

I need more will to update my will

Contact me at: jen@jenstewart.ca