Estate Planning Tips for New Parents

Adding a new addition to your family? Or maybe you know someone who is! Now is the perfect time to get your affairs in order. Here are some tips for new parents:

Naming Guardians

One of the most important decisions you can make as a new parent is choosing a guardian who will care for your child if something happens to you and your spouse. Without a designated guardian, a judge will decide who raises your children. What if they appoint someone who does not share your values or parenting style? All new parents should have a will.  

Setting Up a Trust

Few parents want their children to get a big lump sum on their 18th birthday, with no rules or restrictions! A trust allows you to designate how and when your child will inherit your assets. We call this putting in “guardrails”. With a trust, you can delay or stagger the distributions to later ages and stages. 

Avoiding Unnecessary Costs

As a parent, you want every penny of your hard-earned money going to your children, not to lawyers or the government. Probate court can be an expensive process, eating up as much as 7% of the total estate. A better option may be a revocable living trust, which bypasses probate court, saving your family money and time.

Ready to protect your family’s future?

Take the first step towards peace of mind by booking a Peace of Mind Planning Session with attorney Pamela Wollard. This is a 1-hour meeting where we will review your questionnaire, answer your questions, and present our flat fee packages! If we decide we’re a good fit to work together, we’ll take the next steps. And if not, that’s fine too! Book your Peace of Mind Planning Session HERE. Mention this blog and we’ll waive the $250 session fee!

PS - Like what you read? Send this blog to a friend!