As a new parent, you need to plan for specific outcomes. You might not want to think about it, but one of the most important things you must prepare for is your death. If you pass away without creating an estate plan that caters to your children, you risk causing a lot of pain in addition to the trauma of your death.
Even if you do not have a lot of wealth, you still need to create an estate plan for your children. If you need to update or create a plan for your estate, keep reading to learn why it is even more critical for parents.
Your children need a guardian
If you do not create a will and name a guardian, your child might end up with a relative that is not suited for the task. Plus, you put your family in an awkward situation by making them fight over who takes care of the child. You need to think carefully about the right person to raise your kids after you pass away.
Your children might lose their inheritance
Washington has intestate succession laws that follow a particular pattern if you do not create an estate plan. However, you might want to change the order of inheritance. For example, if you pass away, your spouse automatically receives one-half of your separate property. Some people want their spouse to receive all the property for their children to inherit later, but you must provide for that in your will.
Parents living without an estate plan risk their children’s future. Start working on one today. Otherwise, you might put your family in a difficult situation.