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New parents need to look at their estate plan

On Behalf of | Mar 11, 2021 | Estate Planning |

Having a new child is a high point in a parent’s life, but it’s also a time when careful planning becomes a priority. One thing that new parents need to think about is their estate plan. Even if they already had one, it will probably need to be changed so that they can ensure their child is cared for if something happens to them.

What are some of the points to include in the estate plan involving minor children?

One of the most important things you need to think about when you’re doing an estate plan that involves minor children is who will raise them if you and their other parent both pass away. The individual you choose should be named as the guardian in your estate plan. You can have the same person for all your children or you can have a different one for each child. You can also include a back-up guardian in case the primary individual isn’t able to take care of the children.

You also need to think about what kind of financial support you can provide for the children. You can do this through your will, trusts and payable on death designations. Because the children are minors, there must be a conservator over any assets that you’re going to leave to the children.

It’s imperative that you consider your wishes for the children when you create an estate plan. Your attorney can help you work out the best way to meet the goals you have for the estate. Once you have the plan done, remember to review it periodically or when you have major life changes.