Essential issues when drafting a will
Never easy to do, the peace of mind a will is worth the effort
Drafting a will isn’t something anyone looks forward to doing. But the fact is it can give you immense peace of mind to know your children are cared for if you die unexpectedly.
Imagine if both you and your spouse die at the same time, or, if you, as a single parent, pass away. What would happen? If you do not appoint a guardian for your minor child, the state will appoint one for you. You are the best person to decide who should care for your child if you were to pass away unexpectedly. Naming a guardian for your child in your will is your chance to appoint the person who you think will do the best job. Get that person's permission before you name them, and, consider his/her health, age, financial means and willingness to care for children.
You want the best for your child. You might want to consider setting up a trust for him or her. Typically, any estate money bequeathed to a minor is held until he or she reaches the age of majority in the state (typically 18, but check with your state). At that time, the money is given in one lump sum after taxes. A trust allows you to make sure the money is distributed when your child is older, or earmark it for specific expenses, such as education. Talk with your lawyer about possible options.
Basic wills can be found online or you can draft one with a local attorney. A New York Life agent can help make sure your children are financially secure. To find out how our life insurance and financial products can help with your family’s financial security, click here.