Estate Planning for New Parents
You just brought home the newest member of your family, Congratulations! Your mind is probably racing, trying to adjust to this new period in your life. You spend your days (and many sleepless nights) trying to navigate parenthood and making lists of the things you need to do to set your children up for success. One thing that likely is not on your list but should be? Making a comprehensive Estate Plan.
You may think Estate planning is all about who gets what after your passing, however it is so much more, especially for parents with minor children. A comprehensive Estate Plan should also delegate who you would like to serve as a guardian for your minor children in the event of your passing avoiding state law from determining who will raise your children in this unfortunate event. Further, a comprehensive Estate Plan ensures your children are financially provided for.
An Estate Plan can be tailored to your needs, but one important document to think about including is a Last Will and Testament.
What is a Last Will and Testament?
A Last Will and Testament typically states how you want your assets to be distributed in the event of your passing and who you want appointed as the Executor to manage your estate. However, for parents with minor children, this document can help plan for the care and maintenance of your children in the event of your passing.
How can I leave assets for my children to ensure they are used appropriately for their care and maintenance? An Estate Planning attorney can add a Testamentary Trust provision to your Last Will and Testament. A Testamentary trust creates a trust only after your passing and allows for the delegated trustee to utilize the funds for the benefit of your children according to the language of the trust.
Who will care for my children if I pass while they are minors? This is perhaps the most important reason for new parents to consider making an Estate Plan. One provision to include in your Last Will and Testament is who you would like to serve as guardian(s) of your children is they are minors upon your passing.
Planning for your passing is not the easiest topic to be thinking about during one of the happiest times of your life, it is important to get your affairs in order and consider making an estate plan for your children’s future.
Want to take the next steps in making a comprehensive Estate Plan to ensure your children are cared for in the event of your passing, call our office to schedule an appointment today.