Estate Planning 101: What You Need to Know as a New Parent

Estate Planning 101: What You Need to Know as a New Parent

Appoint a Guardian: Choose someone you trust to raise your child if something happens to you. Make sure to discuss your decision with the potential guardian beforehand.

Create a Will: This document outlines your wishes, including who will inherit your assets and who will be your child's guardian. Without a will, the state will make these decisions.

Consider Life Insurance: Life insurance can provide financial security for your child if you pass away. It can cover daily living expenses, education costs, and more.

Set Up a Trust: If you want more control over the assets you leave to your child, consider a trust. You can specify how and when the assets can be used, which can be especially useful if you're leaving behind a significant amount of money.

Update Beneficiary Designations: Make sure your retirement accounts and insurance policies are up to date with your child listed as a beneficiary, where appropriate.

Plan for Disability: Include an advanced healthcare directive and power of attorney in your estate plan to designate someone to make decisions on your behalf if you become incapacitated.

Keep Information Accessible: Store your estate planning documents in a safe but accessible place. Make sure the executor of your will and the guardian for your child know where to find them.

Being a new parent comes with new responsibilities, and estate planning is one of them. It's about ensuring that your child is cared for, no matter what happens. It's never too early to start planning for your family's future. A trusted estate planning attorney can help tailor a plan to your specific needs.

For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.

Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.