Young couples tend to put estate planning conversations on the back burner. It is uncomfortable to contemplate our mortality. Additionally, because younger couples have fewer assets, they may believe that they do not even need an estate plan.
Now that you have a new baby, it is time to begin thinking seriously about how to protect your child in case anything happens to you or your spouse. Perhaps the best way to do so is with a comprehensive estate plan.
To better ensure that your family has plan in place if the unexpected occurs, it is important for parents to consider taking the following three actions.
1. Secure your own future
To fully care for your child’s future needs, you and your spouse must first take care of your own future. This means creating or updating your estate plan so that it fits your needs and goals. Take the time to work with a lawyer to write a will, execute a power of attorney and implement any other documents that should be a part of your plan.
2. Name a guardian
While no parent wants to believe something will happen to them, the risk remains. Naming a guardian you trust and is someone who has your child’s best interests in mind is important. You should have a conversation with the person you name to make sure they understand your wishes and that they are willing to serve in this capacity if needed.
3. Think about creating a trust
It is important for new parents to consider how they may want their child to receive their inheritance if you and your spouse die suddenly. If you would like to allocate some money for college or have age restrictions when they receive it, establishing a trust is an effective tool for you to exert greater control over when and how your child receives these assets.
If you have questions about the legal documents you need, or you would like an estate planning attorney to review your estate plan, we invite you to contact the Quinn Law Firm in Erie today. You may send our team an email or call 814-806-2518 to schedule an appointment.