Many young adults with minor children believe executing a Last Will & Testament is not a priority because they are young and healthy. However, we all know that tragedy can strike at any time, and being prepared is your best bet, especially if you have a minor child. A Will can help protect your minor child or children in a few ways.
First, if you are leaving your child an inheritance, a Last Will & Testament can outline the exact amount of the inheritance you wish to leave your child. More importantly, however, is your ability, through a properly executed Will, to appoint a Trustee you know and trust who can protect that inheritance on behalf of your child until your child turns 18, or any other age over 18, which you deem appropriate.
Further, a Will can include a Testamentary Guardianship clause. Such a clause allows you to appoint someone you believe is the best person to raise your children until they reach the age of majority. In the event of a custody dispute after your death, it is always helpful to show a Court that you believed it was in the best interest of your minor children to be in the custody of the person you nominated in your Will.