Articles

As a young parent, your life is filled with love, joy, and the sometimes-overwhelming responsibility of raising your children. While you might think that estate planning is something for older adults or those with complex assets, the truth is that every parent should prioritize having a Will—especially one that includes guardianship and trust provisions.

Understanding the Basics: What is a Will?

A Will is a legal document that outlines your wishes regarding the distribution of your assets and the care of your children after your passing. For young parents, it’s not just about possessions; it’s about ensuring your children are cared for in a manner that aligns with your values and desires.

The Importance of Naming a Guardian in a Will

One of the most critical aspects of a Will for parents is the designation of a guardian for your children. In the unfortunate event that both parents pass away, the court will need to decide who will take care of your children. If you have not named a guardian in your Will, the court will make this decision, which may not align with your wishes.

Key Considerations for Choosing a Guardian:

• • Values and Parenting Style: Consider someone whose values align with yours and who can provide a nurturing environment.
  • Availability and Capability: Choose someone who is willing and able to take on the responsibility.
  • Location: Proximity can be important for maintaining stability in your children's lives.

Trust Language: Protecting Your Children’s Financial Future

In addition to guardianship, incorporating trust language in your Will is crucial. A trust is a legal arrangement that allows you to set aside assets for your children’s benefit while specifying how and when they will receive those assets.

Why You Should Consider a Trust:

• • Control Over Distribution: You can dictate when your children receive their inheritance—perhaps at specific ages or milestones.
  • Protection from Mismanagement: A trust can help protect assets from being mismanaged or squandered, especially if your children are young or financially inexperienced.

Avoiding Common Pitfalls when Drafting Your Will or Trust

Many young parents make the mistake of thinking that their assets are too minimal to warrant a Will or Trust. However, the reality is that it’s not about the size of your estate but about ensuring your children’s future. Without a Will, your assets may be distributed according to New York State’s intestacy laws, which may not reflect your intentions.  If you have life insurance, you need a Will.

Steps to Create Your Will:

1. 1. Attorney: Our firm specializes in estate planning. We can guide you through the process and ensure all legal requirements are met.
   2. Discuss Your Wishes: Be clear about your wishes regarding guardianship and the distribution of assets. It’s essential to communicate with the potential guardians about their roles.
   3. Draft and Execute the Document: As your attorneys, we will draft a Will that includes all necessary provisions. Make sure it reflects your desires accurately. 
   4. Review Regularly: Life changes, such as new children, moves, or changes in relationships, may necessitate updates to your Will. Regular reviews ensure that your Will remains relevant to your current circumstances.

If you would like to schedule a consultation to talk about creating or updating your estate planning, please feel free to contact estate planning attorneys: Daniel S.Williford at dwilliford@mccmlaw.com or call him at 585-512-3511; or  Spencer C.Malone at smalone@mccmlaw.com or call him at 585-512-3550; or Michael F. McConville at mmconville@mccmlaw.com or call him at 585-512-3517.

This publication is intended as an information source for clients, prospective clients, and colleagues and constitutes attorney advertising. The content should not be considered legal advice and readers should not act upon information in this publication without individualized professional counsel.

About MCCM

McConville Considine Cooman & Morin, P.C. is a full-service law firm based in Rochester, New York, providing high-quality legal services to businesses and individuals since 1979.  With over a dozen attorneys and a full paralegal support staff, the firm is well-positioned to right-size services tailored to each client. We are large enough to provide expertise in a broad range of practice areas, yet small enough to devote prompt, personal attention to our clients.

We represent a diverse range of clients located throughout New York State and New England.  They include individuals, numerous manufacturing and service industry businesses, local governments, and health care professionals, provider groups, facilities and associations. We also serve as local counsel to out-of-state clients and their attorneys who have litigation pending in Western New York courts.  For more information, please contact us at 585.546.2500.