At first glance, a simple will seems like an easy way to check off "done" when it comes to making decisions for loved ones in case of an untimely death. You have names on the list; you've included property and money; you've collected all the signatures needed. However, the modern family does not look like the template wills are designed around. In fact, families today have hybrid household structures (single parents with multiple children), co-ownership of homes, and/or both partners working outside the home through a side hustle or as their own business owner. Families also have digital assets, and their financial lives are likely far from being neatly labelled by law. Therefore, why would you think a simple template document that fits everyone's needs could adequately protect those who depend on you?
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The Family Tree Is Not Always Straight-Lined
Modern families can be complex and multifaceted. Second marriages, stepchildren, long-term partners who are not married, co-parenting, and even close friends who feel like members of the family are all examples of the beautiful diversity of modern family relationships. A simple will cannot accurately represent the emotional reality of your family and the legal reality of your family.
Guardianship Involves More Than Just a Name
If you have minor-aged children, your will is not simply about financial issues. Your will is about people. Who will care for your children if you are no longer available to do so? Who will manage your child's inheritance until they reach an age at which they are able to manage it independently? Do the guardians you choose possess similar values, educational approaches, and lifestyles?
While a simple will may identify a guardian, it generally does not address the practical considerations that must be addressed in order to make the selection of a guardian effective. Providing detailed information about your decision-making process and your wishes can greatly benefit both your children and your selected guardians by providing them with the clarity they require during a difficult time.
Financial Issues Have Changed
Your estate may contain more than just a single house and bank account. Your estate may include a small business, online revenue streams, investments, cryptocurrency, or shared property agreements. Additionally, your estate may also include debts that will need to be carefully planned in order to prevent them from being placed upon other individuals unfairly.
At this point, a competent Will Writing Service can help you organise your affairs in a manner that benefits your family, rather than creating an estate-related puzzle to solve.
Digital Assets Create Real-Life Issues
In addition to your physical belongings, your family will inherit your digital footprint. This includes photographs, cloud storage, digital subscription services, social media, and money stored digitally.
As such, a modern estate plan should consider your digital existence. Specifically, the plan should identify where significant data is located and how trusted individuals can obtain access to the data in a secure manner.
Timing and Communication Are Key
Here is the hard truth that many people attempt to ignore. "I'll get to it eventually" is a dangerous strategy. Your life and circumstances can change significantly in one year (new baby, new home, new partner, new medical diagnosis). Your estate plans should evolve along with your life. How would your family actually handle the administrative tasks associated with your passing?
A simple will is a good starting point. Many modern families, however, require a more customised, more protective, and more personal estate plan. Consider it a final gesture of kindness and care. You are not merely distributing wealth; you are removing unnecessary stress, potential conflicts, and providing your loved ones with clarity when they need it most.
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