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Estate planning for new parents

On Behalf of | Mar 12, 2020 | Estate Planning

If you recently became a parent, you probably know just how much changes after welcoming a baby into your family. You have different priorities, different expenses and perhaps a different outlook on life.

Because of all that changes when you become a parent, it is typically a good time to create or revise your estate plan. Doing so gives you the opportunity to protect your new family in a few critical ways.

Establishing care for your child

The last thing you probably want to think about after having a baby is who will take care of him or her if you cannot. However, considering naming a guardian for your new child is something every parent should consider. This is something that typically is outlined in your last will and testament.

Naming the person or persons you want to care for your child if you cannot do so can ensure that someone you love and trust will be there for your child. If you do not name a guardian, the appointment of this role could cause unnecessary disputes among your surviving family and friends who might not be aware of your preferences. This can be enormously stressful and upsetting for everyone, in an already emotionally charged situation.

Protecting your child’s financial future

Many parents plan to leave their child a financial legacy in the event of their untimely passing. Whatever this legacy may be, parents often hope it makes a child happy or makes life easier for the child and those providing them care.

To ensure this happens, parents should have an estate plan in place that dictates what you want your children to receive and how and when your children are to receive these assets. Estate planning can also outline how the legacy be managed for the benefit of your children.

Giving your child guidance

Losing a parent means losing that person’s advice and support. If you create a comprehensive estate plan, you may be able to establish direction on how to manage and distribute your assets.

This guidance can be incredibly valuable because it serves as instruction for your survivors during a difficult time, and it minimizes situations where there may be disputes regarding your children.

New parents often have a lot to think about after bringing a baby home, including estate planning. To protect your child, your family and your wishes at this important time, you can call 814-806-2518 to talk to an attorney at the Quinn Law Firm about comprehensive estate planning.

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