Becoming a new parent is an exciting time in your life. However, while you are making adjustments in your life to accommodate your newborn and the care and space they need, you shouldn’t forget to consider your estate plan. While it isn’t always something new parents want to consider, it is recommended to put some plan in place that can account for the unpredictable future. By creating an estate plan with your Millman Law Group lawyer, you can create a will, powers of attorney, a trust, and update beneficiaries to account for your new family size. The following estate planning considerations will help you create a plan that provides you with peace of mind knowing your child’s future is secure.
Create a Will
Estate planning should always include a will. Your will is a legal document that explains your wishes regarding who inherits your property and assets after you die. As a new parent, you will consider which assets or property your child might inherit. If you have multiple children, this will affect your decision as well. However, you may also want to name a trusted adult friend or family member who you want to serve as guardian to your children in the event of your untimely death. Naming a guardian now can prevent an estranged family member from being named as your child’s guardian.
Create Powers of Attorney
Estate planning considerations are not complete without including two different types of powers of attorney. A financial power of attorney refers to a person who will manage your financial affairs, pay bills, and make decisions regarding any property.
Then, a health care power of attorney is a person who will make all medical decisions on your behalf if you become incapacitated and cannot make them yourself. Establishing powers of attorney can help you ensure that someone will be making decisions in the best interest of you and your children if you cannot.
Create a Trust
A trust can make sure that your child will receive an inheritance you have set aside for them in the event of your death. A trust can hold any property and assets you wish to leave them and ensure those assets are protected for them until a certain age or event. When you choose to create a revocable trust, you can change the terms of the trust at any time while you are alive to adapt to potential changes.
Update Your Beneficiaries List
After welcoming a new child to your family, you will want to update your beneficiaries to include this new child. Adding your child to this list will ensure that the child will receive your 401(k) or IRA and life insurance benefits when you pass away. However, be careful here, if your child is underage, this may create a potential guardianship situation that can be avoided through use of proper trust planning for your child(ren).
At The Millman Law Group, we can advise you on all of these estate planning considerations and more, helping you find the most efficient and secure ways to assure the future wellbeing of your children.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.