Estate Planning Essentials for Expecting Parents: Securing Your Family’s Future
One of life’s most joyful and transformative experiences is bringing a new child into the world. However, along with the joy a child can bring comes with a whole host of responsibility. You need to protect and provide for your child – and what happens if, God forbid, something happens to you? Ensuring the happiness, safety, and financial security of your child should be your number one priority. Though the majority of parents take steps to plan for their child’s immediate needs like diapers, child care, and feeding schedules, many don’t take into account the possibility of unforeseen circumstances.
Why New Parents May Choose Estate Planning
Estate planning isn’t just for the extremely rich or the very old – it’s something all parents should think about to make sure their child is cared for regardless of what happens. Estate planning helps create peace of mind, from selecting a guardian who can raise your child if you are unable, to making sure the financial resources left behind are managed properly for your child’s benefit. Estate planning for new parents essentially entails making critical decisions regarding guardianship, managing assets, and establishing legal protections. Not only are you securing your child’s financial future, but ensuring that people you trust most will be raising your child. This act of love and foresight helps protect your child in every scenario.
Basics Of Estate Planning For Your Child’s Future
1. How should I choose a guardian for my child?
Factors such as the person’s lifestyle, values, and relationship with your child as well as their willingness to take on the responsibility should be accounted for. You will want to choose someone who can offer a stable environment for your child.
2. If I don’t designate a guardian in my will, what happens?
If no guardian is named in your will, your child may end up with whoever the court decides – even if it’s counter to what you would’ve wished. Ensure that your child is raised by someone you trust by designating a guardian in your will.
3. Should I set up a trust for my child?
A trust allows you to set assets aside for your child’s future. This legal arrangement helps make sure that your child’s inheritance is responsibly managed and distributed the way you want, especially if they are too young to handle the situation themselves.
4. How can I secure my child’s financial future?
There are several things you can do to secure your child’s financial future, including setting up a trust, having life insurance, and updating your will regularly. This helps make sure your child is provided for if you fall ill or something unexpected occurs.
5. How often should I update my estate plan as a parent?
We recommend updating your estate plan after any major life events (a change in financial circumstances, the birth of a new child, etc.) or if your designated trustee or guardian is no longer able to serve as such. You should review your estate plan every 3-5 years.
Contact Us Today
At BCN Law Firm, we understand the challenges new parents contend with when it comes to preparing for their child’s future. Our experienced team will help you craft an individualized estate plan customized to your specific needs and preferences. Call BCN Law Firm to consult with an experienced estate planning attorney today.
