Having a baby is both exciting and challenging. At a time when you are planning for one of life’s most joyous experiences and choosing doctors, furniture, toys and diapers, it is important to consider the long-term security of your family.
Estate Planning is an often overlooked consideration. Having a well-drafted estate plan can ensure your assets are passed to your loved ones and in the way that you want and with the least amount of taxes, delays and other costs.
More importantly, with an estate plan you can choose the person (guardian) who will raise your young child in the unlikely event that both parents are incapable.
Common questions and answers:
- Will I have to draft a new estate plan if I have another child?
- Our estate plans will typically provide for any future children born or adopted, unless you specify otherwise. You may optionally provide for step-children in this way as well.
- Can I name two different people to manage finances and act as guardian of my children?
- You may name an individual or a bank as trustee to protect assets for your child separately from the guardianship.
- This is an important reason to draft a Will, so that you may specify this intent. Although the current legal system prefers to keep surviving families together, a Will indicating this intent will help ensure that your children will be kept together.
- How do I make sure that my family doesn’t get split up in the case that I die?
We encourage you to review our “Estate Planning Memo” which addresses the following questions: