If you are adjusting to life as a new parent, estate planning is unlikely to be at the top of your to-do list. You are probably preoccupied with matters such as car seats, pediatricians, and childcare options, all while trying to sneak in a bit of sleep. However, becoming a new parent makes preparing your estate plan particularly important. As unpleasant as it might be to think about, you want to make sure that your children will be taken care of if something were to occur to you. Keep reading and give our skilled Pennsylvania estate planning attorneys a call today.
What are the benefits for new parents to create an estate plan?
First, an estate plan can ensure that the people raising your children are those who you would have chosen. In a will, you can name a guardian—the individual who would be caring for your children. You might be hesitant to choose a guardian because you do not want to face your own mortality or because you are having issues making such an essential decision. However, without being able to make that choice on your own and documenting it in a legally valid will, you will have left it up to a judge to make that decision for you. Furthermore, if you do not choose a guardian, your family might find themselves in a heart-wrenching and costly court battle.
Second, an estate plan can make sure that your children are financially provided for. If your children are young, setting up a trust as part of your estate plan will provide your children access to funds, if and when they need them. But your children will be dissuaded from mismanaging the money while it is under the trust. The property in the trust is managed by a successor trustee—someone of your choosing—to make sure that the assets in the trust are used for the benefit of your children, just as you would have done. Absent a trust in place for the benefit of your children, your assets could be bound up in the probate process for six months or longer, and the use of those assets may be dictated by a court-appointed conservator rather than by a trusted friend or family member.
It is no secret that parents want what is best for their children. Crafting an estate plan is one of the best steps that new parents can take to ensure that their children are provided for, both emotionally and financially. Do not wait to give our firm a call today to learn more about how we can assist you.
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