Why New Parents Need a Family Estate Plan: Protecting Your Children’s Future

Being a parent is a whirlwind of challenges and sleepless nights. In the midst of these trials, the thought of Estate Planning may not be high on your list of priorities. However, recent events, including the pandemic, have highlighted the importance of being prepared for unforeseen circumstances. For new parents, Estate Planning takes on even greater significance.

Nominating Guardians: Ensuring Your Children’s Well-being

One of the most crucial Estate Planning decisions for new parents revolves around the care of their children in the event of their untimely passing. It’s a topic that can be both emotional and daunting, but it requires careful consideration. A well-prepared Family Estate Plan allows you to nominate a guardian for your children, ensuring that their upbringing remains within your family’s values and traditions.

Trusts: Managing Your Child’s Inheritance

Estate Planning for new parents involves more than just guardianship. It also encompasses the responsible management of any assets and property your children inherit. Each child’s financial needs may be different depending on their age, health, or other factors. By forming a Family Trust, you can control how your assets are distributed to your children, including setting an appropriate age for them to receive their inheritance and even customize asset allocation to cater to each child’s specific requirements.

The Consequences of Not Having an Estate Plan: State Laws Decide

If you neglect to create a Family Estate Plan, you risk your assets being distributed according to State laws, which may not align with your wishes. Without your input, a Judge unfamiliar with your values may also decide who will serve as the guardian of your children and who will control their inheritance until they become of age.

Securing Your Children’s Future

As new parents, your responsibilities extend beyond the day-to-day challenges of raising a child. Estate Planning provides the security and peace of mind that your children’s future is protected, no matter what life may bring. By addressing guardianship, asset management, and the distribution of your estate, you are ensuring that your family’s well-being remains a top priority.

Be prepared by not putting off having your Family Estate Plan reviewed.  Keep your loved ones protected! Call us at (407)380-7724 or email us at mail@themendezlawfirm.com .  We can set you up with a FREE, no obligation office conference.  Having an up-to-date estate plan protects your family and your hard-earned assets! So don’t wait until life hits you with changes that you weren’t prepared for. Call or email to make sure your estate plan is up-to-date!