Estate Planning for New Parents
Many people put off estate planning until faced with a big life event. The birth of a child is a time when people often start the estate planning process, if they haven't before then. There are three big estate planning steps to take.
Make sure your children are provided for if something happens to you. Purchase life insurance policies and make certain money will be available for their care and to pay for their college education. Buy policies for both parents if you are both working or not. The work done by a stay-at-home parent is valuable and childcare would be expensive if something happened to the primary caregiver. Buy a life insurance policy that will provide enough coverage so your partner can pay the bills and provide for your children if you pass away.
A will specifies who would receive your assets should you pass away and gives you control over the money you would be leaving your children. You could name someone to manage the money you've left your children if they were to inherit the money before the age of 18. Without a will the court might be forced to name a guardian for the money.
Naming a guardian for your children allows you to select who will raise your children if you pass away. If you don't name someone there could be a custody battle with the courts making the decision as to who would raise your children. Talk to whomever you choose to be guardian to make sure they are comfortable with raising your children it you can't.
Estate planning allows you to take care of your children if you pass away. It is a very important step for your children and will give you peace of mind. Contact your attorney to take these big estate planning steps.
With the right help, you are more likely to succeed. The attorneys at Shoffner & Associates will be happy to help you.
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