VanAntwerp Attorneys, LLP
Phone: 606-618-0698

Estate planning for new parents

Estate planning is often not on the mind of young individuals. However, if you are a new parent, estate planning is an important part of making sure your child’s future is secure. When you have a new baby, estate planning can help protect your child in case you get into an accident resulting in your death.

Unfortunately, 6 out of 10 Americans do not have a will. If anything were to happen to you or you and your spouse, you want to make sure that your child is in the right hands.

How can estate planning help your child?

  • Guardianship: If you do not already have a will, it is wise to make one. If not for yourself, for your child. In this document you can name a guardian(s) of your child in case of an early demise. Knowing that your child’s future is in the hands of someone you trust can set you at ease.
  • Assets: Estate planning can help you decided where you want your assets (home, money, pets, etc.) to go in case you die. You can decide if your child will be the new owner, or someone else.
  • Life insurance: Setting up a life insurance policy helps your child have financial stability after you die. If you do not already have life insurance, it is wise to do so because you and your spouse are no longer free agents. You now have someone that depends on you
  • Have a plan: Talking with your spouse about what you want to happen after you die in relation to certain elements of your life may no longer cut it. It is wise to get your affairs in order in writing so that you leave nothing to chance.

Estate planning does not have to be a big and scary ordeal. Setting up a plan for your new child’s future is what is most important.

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