This post is the sixth in a series of 10 that covers each point of the MSN Money top 10 mistakes and hopefully will elaborate and add a little new parent thinking to the equation.
Money Mistake 6:
Postponing a Will
Many parents assume they don’t need a will, because they don’t have large estates. But if you have a child, a will is essential to designate guardians. “If you and your spouse die prematurely without a will, a court will appoint guardians for your children,” says Elizabeth Lewin
I fall into the “Many parents assume” category. I have very little true net worth, so I assumed that a Will would be unnecessary. Obviously I assumed wrongly. While my wife and I have chosen the child’s godparents, law dictates that we set out who would become guardians in the event of our death. This is something that my wife and I will have to begin researching and looking into.
Part 5: Forgetting whats most important: Retirement savings
Part 7: Overspending on Baby costs