You may not think you need a legal will because you are a single mother, but if you have young children, it is necessary to purchase a will item in order to prepare a Legal will. You can utilize services from a company such as www.legalwill.com.au because the professionals with these companies are able to answer questions you have about writing wills, and offer excellent advice on this topic.
The first thing you should do is to assess all the possessions you have, as well as any savings accounts you currently own, as you will have to decide who will be in charge of these if you pass away. Here are other tips on preparing a legal will.
Know Your Laws on Preparing Wills
Before you decide to meet with a company such as www.legalwill.com.au to discuss the preparation of your will, you need to find out what the country’s laws are regarding legal wills so you will have a basic idea of what to expect when you meet with the legal professional. When you have this information on hand, you will be more relaxed during the process.
Choose A Legal Guardian for the Children
When you prepare your will item with the legal professional, you need to choose a legal guardian for the children in the event you pass away. Choose a legal guardian that is financially and emotionally able to care for your children. For example, if your older brother has been married for a few years but is unable to conceive children due to a medical condition, consider making him the legal guardian.
Include Specific Requirements Regarding The Children
Once you appointed the legal guardian for the children, you should include specific wishes as to how you want the guardian to provide for the children in the Legal will. If you want your children to take over your business one day, mention this in the will and also ask that the legal guardian put aside some of the money from your estate for a college fund for the children.
Child’s Medical Expenses
If your child has a serious medical condition, your legal will should include funds that would be set aside for the legal guardian to offer your child the best medical care so he can have a healthier life as he grows from infancy to adulthood. If your child has severe asthma, ask that the legal guardian keep your child’s current doctor if you have been pleased with his services.
While it is unlikely that you will pass away soon as a single mother, it is still wise to prepare a Legal will using a will item and meeting with a legal professional. By doing this you protect your children and provide for them in the event of your death. When you prepare your will, make sure you have it notarized and have another witness with you as you finalize the last will. Remember to update your will as things change in your life such as marriage or when you become a business owner.