Take these three estate planning steps for new parents to secure your child’s future.
As you and your family navigate welcoming your first child into your home, estate planning may be the last thing on your mind. However, it’s wise to consider estate planning and updating your legal documents as essential to new parent “nesting.” Before you get swept up in the demands of new parenthood, meet with your attorney at The Millman Law Group to go over the following three essential estate planning steps for new parents.
Choose a Guardian
Just as you should have a contingency plan if your original birthing plan can’t happen, you should also have a contingency plan for your child or children in the unlikely event you become incapable of raising a child. This may not be pleasant to think about, but consider the future safety of your child – if anything were to happen to you, you would certainly want to make sure your child lands in safe hands.
Besides selecting an individual who would serve as your child’s guardian, consider the guidelines of how you wish your child to be raised. This can include listing lifestyle, health, and education considerations. However, these plans are meant to be adjusted as years go by, so you don’t have to plan your child’s future today.
Create a Trust and Select Your Trustee
One of the best estate planning steps new parents can take is establishing a legal trust for their child. Trusts can hold assets (financial and material) that can be passed onto a minor child if needed. Your Trustee of choice manages the trust. Trusts don’t have to turn over these assets to children at the age of 18, but you can instead enjoy some flexibility with your trusts. You can plan for your child’s future security by specifying your wishes through specific language in the document.
Always Remain Flexible
Your plans for your child are likely to change frequently during their life. While you can create a rough plan for your child’s future care now, you don’t need to stick to that plan permanently. Your estate planning lawyer at The Millman Law Group can guide you through how to make flexible arrangements in your estate and recommend the best updates when unexpected changes occur. This can include the birth of a new child, a child’s special needs, and a change in your marital status. Whenever factors change, feel free to update your estate plan to find the best solution for you and your family.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.