Are You a New Parent? It Is Time to Craft an Estate Plan

 Posted on August 18,2023 in Estate Planning

As a new parent, you are likely feeling somewhat overwhelmed by the responsibility that you now have for safeguarding the interests of the little person who has been entrusted to your care. This is normal, and although this feeling can be uncomfortable at times, you can use it to your family’s advantage. Allow it to inspire you to make healthy choices, to shore up your finances, and to either craft an estate plan for the first time or to update any documents that you may have executed in the past.

Naming a Guardian 

In the tragic event that you do not live long enough to watch your child reach the age of majority, it is going to be vitally important that you have selected someone you trust to assume responsibility for their care. If you do not choose someone proactively – ideally, someone who shares your parenting philosophies and is stable and loving – the state will determine who will raise your child. This is an outcome that you can avoid by naming a guardian for your child in your will.

Providing for Your Child’s Care

If you pass away early in life, you will want to make sure that your “affairs are in order” in ways that provide for your child’s care as they grow. There are a host of estate planning tools, from trusts to beneficiary designations, that you can use to better ensure that your child is financially provided for, even if you are no longer around to provide that support directly. By working with a knowledgeable attorney who can help you to identify which estate planning resources you need to achieve your goals – and who can help you execute them in ways that are enforceable per state law – you can better ensure your child’s well-being if anything should happen to you while they are still a minor and are unable to support themselves.

Contact a Skilled Hyde Park, IL Estate Planning Lawyer Today for More Information

The idea of not being around to provide for your child may be a thought that is difficult to entertain, even for a moment. But, if you do not make significant efforts now to protect your child’s interests, their entire future could be impacted by your hesitation to get your affairs in order. Thankfully, you do not need to face the task of crafting necessary documentation alone. Scheduling a free legal consultation with a client-focused Chicago, IL estate planning lawyer at The Sherrod Law Firm, Ltd. will allow you to begin this process in informed and supported ways. Please call the firm directly at 312-321-6910 or reach out online to get started. There is no time like today to begin this process on behalf of yourself, your new little one, and your family overall.

Source:

https://www.forbes.com/sites/financialfinesse/2019/05/06/7-important-financial-steps-for-new-parents-to-take/?sh=557d8575