Estate Planning Tips for New Parents

Adding a new addition to your family? Or maybe you know someone who is! Now is the perfect time to get your affairs in order. Here are some tips for new parents:

Naming Guardians

One of the most important decisions you can make as a new parent is choosing a guardian who will care for your child if something happens to you and your spouse. Without a designated guardian, a judge will decide who raises your children. What if they appoint someone who does not share your values or parenting style? All new parents should have a will.  

Setting Up a Trust

Few parents want their children to get a big lump sum on their 18th birthday, with no rules or restrictions! A trust allows you to designate how and when your child will inherit your assets. We call this putting in “guardrails”. With a trust, you can delay or stagger the distributions to later ages and stages. 

Avoiding Unnecessary Costs

As a parent, you want every penny of your hard-earned money going to your children, not to lawyers or the government. Probate court can be an expensive process, eating up as much as 7% of the total estate. A better option may be a revocable living trust, which bypasses probate court, saving your family money and time.

Ready to protect your family’s future?

Take the first step towards peace of mind by booking a Peace of Mind Planning Session with attorney Pamela Wollard. This is a 1-hour meeting where we will review your questionnaire, answer your questions, and present our flat fee packages! If we decide we’re a good fit to work together, we’ll take the next steps. And if not, that’s fine too! Book your Estate Planning Consultation HERE. Mention this blog and we’ll waive the $250 session fee!

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