Being a first-time parent is an intense experience and can be overwhelming. This new chapter in a couple’s lives have them preoccupied with evaluating child care options, searching for pediatricians, and purchasing a new car seat.
The last thing on a new parent’s mind is estate planning, which is evident from stats available on aarp.org, which show only 4 out of 10 people in the U.S. have a Will or estate plan in place – and that’s where the the problems begin.
As unlikable and repulsive as it may sound, if an unfortunate incident occurs, you want to ensure your children will be taken care of in the way you want, not as dictated by the Courts. Therefore, it is critical for the future of newborns that parents prepare their estate plan by hiring an experienced estate planning lawyer.
How Can Estate Planning Help?
Having an estate plan allows you to make sure the responsibility of raising your children is given to people you selected, by using a Will. Even though it can be difficult to think about your own mortality and imagine your child being raised by someone other than you and your spouse, proper planning will ease your fears.
It is equally important to name a guardian who would take care of your children and be in the best position to make quality decisions about your child’s safekeeping. Without a legally valid document, the decision of your children’s future will be left to the court to decide. Your family might have to fight an expensive legal battle to claim the guardianship of your children.
In addition, estate planning can assure your children’s financial needs are adequately met. You can ask your estate planning lawyer to set up a trust as a part of your estate plan to grant your children access to financial resources when they require, or you deem appropriate. Not only will it ensure children are financially provided for, but it also will prevent them from mismanaging the money.
You may nominate a successor trustee of your liking to ensure the assets in the trust are utilized for the wellbeing and benefit of your children. If you do not set up a trust, have proper beneficiary designations, or provide information in your will, your assets will be tied up in the probate process, which may take six (6) months or more. Also, the court will appoint its own conservator to dictate the use of these assets. Therefore, you should discuss these aspects with your estate planning lawyer and devise an effective strategy to protect the financial interests and legal rights of your children in your absence.
If you wish to get more information about estate planning for new parents or schedule a free consultation, contact Jackson Abdalla Law Group at (773) 550-3853 to speak with an experienced estate planning lawyer.