Estate planning is important for everyone, but the major changes in your life also should prompt a meeting to your estate planning lawyer. New parents have their own unique considerations brought to the table with an estate planning attorney. There are several different protection tactics that you can use to prepare yourself for your new child. Common struggles for the majority of adults who are interested in estate planning may prompt you to set up a properly structured trust.
Appointing another individual or professional to serve in this role as a child’s trustee can help to protect you and your child into the future. For example, if you are concerned that your child may be a spendthrift or may struggle with other issues in the future, it’s a good idea to have an estate plan that is prepared to handle these kinds of complicated issues. Having a will is the bare minimum that any new parent should have as this is your opportunity to name a guardian for your minor child if something were to happen to you.
Even having these conversations but failing to document them in an official will could end up becoming a problem for your family members if you were to suddenly pass away. This is why it is strongly recommended that you have consultation with an experienced estate planning attorney now to discuss all of your needs.
You may also wish to have a variety of power of attorney documents, including a durable one and a healthcare power of attorney so that someone else is able to make decisions on your behalf if you become unable to do so. Your estate planning lawyer can walk you through the process for identifying the documents most appropriate for you.