Why Should a New Parent Create an Estate Plan?
When you are adjusting to life as a new parent, estate planning is unlikely to be at the top of your to-do list. You are probably preoccupied with matters such as car seats, pediatricians, and childcare options, all while trying to sneak in a bit of sleep. But becoming a new parent makes preparing your estate plan especially important. As unpleasant as it might be to think about, you want to make sure that your children will be taken care of if something were to happen to you. To learn more, continue reading and give our skilled Butler County estate planning & probate attorneys a call today.
Why should new parents create an estate plan?
To begin, an estate plan can ensure that the people raising your children are those who you would have chosen. In a will, you can name a guardian—the individual who would be caring for your children. You might be hesitant to choose a guardian because you do not want to face your own mortality or because you are having difficulty making such an essential decision. However, without making that choice—and documenting it in a legally valid will—you have left it up to a judge to make that decision for you. Additionally, if you do not designate a guardian, your family might find themselves in a heart-wrenching and expensive court battle.
Second, an estate plan can make sure that your children are financially provided for. In the event that your children are young, setting up a trust as part of your estate plan will provide your children access to funds, if and when they need them. But your children will be dissuaded from mismanaging the money while it is under the trust. The property in the trust is managed by a successor trustee—someone of your choosing—to make sure that the assets in the trust are used for the benefit of your children, just as you would have done. Absent a trust in place for the benefit of your children, your assets could be bound up in the probate process for six months or longer, and the use of those assets may be dictated by a court-appointed conservator rather than by a trusted friend or family member.
Parents want what is best for their children. Creating an estate plan is one of the best steps that new parents can take to ensure that their children are provided for, both emotionally and financially. Give our firm a call today to learn more about how we can help you.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team you can feel confident will represent your best interests, every step of the way. We are that legal team. Contact Heritage Elder Law & Estate Planning today so we can get started.
