Expecting a new child in your family is a significant occasion. There are numerous things to consider, but one thing that might be easy to overlook is how a new child affects your estate plan. Estate planning is essential for expectant parents, as they may have documents or decisions established that this new child, or any childbirth complications, may impact. It’s also very beneficial to update your estate plan before the baby arrives, so you know that these important tasks are taken care of before starting your new parenthood journey. At The Millman Law Group, we can walk you through creating or reviewing your estate plan with a focus on a few items that are essential for expectant parents.
Consider Your Health Care Directive or Living Will
A health care directive, also known as a living will, states your wishes regarding life-sustaining health care measures. It also names the person you have selected to make health care decisions on your behalf when you cannot make those choices. You can include special clauses that pertain to your wants if problems arise during your pregnancy or at the delivery time.
While it can be difficult to imagine these scenarios, preparing a health care directive for unforeseen medical emergencies helps ensure that the mother and baby receive care in keeping with your family’s wishes if any problems arise.
Update Your Will
Preparing or updating your will is an essential part of estate planning for expectant parents—your will states who you choose as your child’s guardian. If anything unexpected happens when your child is young, you know you have identified their next guardian.
Naming a guardian for your children is always recommended, and naming them as soon as possible is best. If you fail to name a guardian, the courts will assign your child a guardian. This may be a family member your child may or may not have a relationship with and who you may not trust to raise your child as you wish.
Create a Trust
You may also want to take this time to set up a trust for your future child. When creating a trust, your designated assets are “held” in a trust, and a trustee selected by you will manage the assets. The trustee manages assets by investing or distributing them as outlined in the trust and as needed for your child’s benefit. A trust is not always something that works for every family, but it is something everyone should consider. It is especially helpful if you wish to leave your assets to a minor or set aside an inheritance for them to receive at a certain age.
When you review these aspects of your estate plan before your child arrives, you can rest a little easier knowing that your estate and your family is prepared for the future.
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.