It’s Your Legal Right & Our Priority

It’s Your Legal Right & Our Priority

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If you’re a new parent, you need an estate plan

On Behalf of | Feb 2, 2022 | Estate Planning |

People often make the mistake of thinking of estate planning as something that individuals only do once they retire. They assume that, if they’re not 65 years old yet and they’re still working, it’s too soon to make that plan.

There are, of course, benefits to estate planning after you turn 65 years of age and retire since it’s clear that you are getting closer to the time in which your family will need that plan. But it is also a serious risk to wait this long, and there are reasons that young people should make their estate plans, as well. One potential reason is if you have just become a new parent. Regardless of your age, parenthood is a good time to get your plan in place.

Considering your child’s best interests

What you need to think about is what is going to be best for your child. They’re still a minor, so you’re not going to leave them all of your assets and financial belongings.  you need to figure out what will happen to everything that you own. For instance, you may consider just putting your assets into a trust until your child becomes a legal adult. 

You also have to consider who’s going to take care of the child in a very realistic, day-to-day sense. Who upholds your same values and who has agreed to give the child a loving and supportive home. 

Making your estate plan at this time is not just about your assets. Be sure you know about all of the legal steps you need to take to put your child first and get your plan in place.