Should New Parents Get a Will?

II remember the days of becoming a parent for the first time. The excitement, the feeling of having no idea of what I was doing, the dreams, and the responsibilities. And the doctor’s appointments, prepping the nursery, the lack of sleep – all the stuff that goes with it. Within all of this excitement, I say that new parents should also get a Will. More specifically, new parents should prepare a basic estate plan which includes a Will as well as other estate planning documents.

Protect Your Children

A Will and other accompanying estate planning documents spell out your wishes after you pass away. Additionally, this is an opportunity to make plans for and protect your children. The following are some reasons that new parents should get a Will.

Where Will the Kids Go?

In legal terms, deciding who will care for your children is known as Guardianship. Your estate plan will dictate who you want to raise your children. The Guardian basically becomes the parent. I know as a new parent; this is a depressing thought. Therefore, you should choose a Guardian that will care for your child as you would. They will be responsible for loving and supporting your child. They will also make all necessary legal, medical, and educational decisions on your child’s behalf. Of course, you should discuss potential Guardians with them. They need to be willing and ready to step in – just in case.

What About My Money?

For minor children, which is of course what you have as a new parent, think about setting up a Trust. If you were to die, your assets can be put in this Trust. Then, you can designate a Trustee to make financial decisions and use the inheritance to raise your children. One other note on this – think about getting a life insurance policy. The Trust can be the beneficiary of the life insurance proceeds. This way, there is enough money to care for your child. For example, the proceeds from the insurance policy may pay for college one day.

What if I am Not Dead?

When we think about Wills and estate planning, we think about our ultimate demise – death. However, estate planning documents are also important if you become incapacitated. One such document, the Power of Attorney, serves this exact purpose. There are several types of Powers of Attorney – financial and health care are the most common. In either one, you can designate “an agent” to make important decisions on your behalf. Your agent can also make decisions that are in the best interest of your children – until you can resume making such decisions for yourself.

I know from experience that new parents intend to get a Will as soon as possible. I also know that it gets put off and put off. This is common for all people, not just new parents. However, things can change quickly and drastically. Therefore, protect your family now. It does not take that long to get your estate affairs in order. We will make the process as easy as possible for you. So, give us a call and get started.