Estate planning is often one item that gets pushed back on nearly every parent’s to-do list. This includes appointing guardians for your children and creating a trust. If you just had a baby, here are a couple of reasons why you should create an estate plan.
When you are expecting a baby, you plan everything…..gender reveal party, baby shower, the nursery, even an outfit to bring the baby home in. One item that scarcely makes it on a parent’s to do list, is estate planning. A baby comes with expenses, we all know, but is that new stroller a priority over a guardianship nomination?
2 Reasons To Create An Estate Plan If You Just Had A Baby:
1. Protect Your Children- Guardianship
Your estate plan can designate someone you trust who shares your values as a guardian of your minor children. By selecting guardians for your child, you will pick the person who raises your child if you are incapacitated or pass away. Normally, a Judge makes the decision for you, unless you decide. It is important to choose people who share your values and parenting philosophy. Make sure to appoint someone who you trust to be a guardian to your children and to raise them.
2. Distribute Your Things- Inheritance
Use a trust to provide specific instructions on how your child should receive his or her inheritance. If you decide to implement a discretionary trust, you can essentially guide your child financially through life. Implement ages or life events at which your child receives portions of his or her inheritance. If you do no planning, your assets will be under court supervision and your child will inherit at the age of 18.
Find an Estate Planning Attorney
If you have experienced a recent life-event – such as a new baby, a work promotion, purchasing a home, moving to a new state, or any other milestone – you should contact our office for a free consultation.
