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Monday, November 19, 2018

Estate Planning For New Parents

Estate Planning For New Parents

It may not be the top thing on your to-do list when you find out you are expecting, but crafting an estate plan is something all new parents should do. It is not one of the fun and exciting parts of parenting, but it is critically important.

Decide on a Guardian & Trustee

A lot of people are under the impression that the people they name as Godparents will become their child’s guardians should the unthinkable happen. This is not true. Naming someone a Godparent is a religious or cultural gesture, it is not a legally binding action.

In order to designate a legal guardian, it is necessary to execute a will. In a will you can name anyone you want as your child’s potential guardian. You can also change your mind and name someone different in a new document in the future.

Failing to name a guardian will put your child’s future in the hands of a judge. A judge will try to decide what is in a child’s best interest when picking a guardian. This means they can even remove the child from the care of family members and place him or her in the foster care system if that is what they think is best.

In addition to naming a guardian, many couples will also set up a trust where any money they leave behind can be held for their child’s benefit. To do this, it is necessary to pick a trustee who will look after the funds. Some couples make the guardian the trustee as well, but others like to split up the roles.

Life Insurance

The majority of young couples fund the trust they have created for their child via life insurance. Working with an insurance broker can help you figure out what kind of insurance you want and how much you want. When you are ready to purchase your insurance our office can work with your broker to make sure the beneficiaries are set up properly. If you already have insurance, we can work with your broker to make any needed changes to your beneficiary designations.

Advance Directives

Contemplating your own mortality is tough, but thinking about the moments immediately preceding it is often even more difficult. However, executing living wills and healthcare power of attorney documents in order to plan for those moments is a key part of the estate planning process.

A living will gives your loved ones and your healthcare providers instructions on your end of life care. The forms allow you to indicate whether or not you want to be kept alive by artificial nutrition and hydration should you be near death or in a persistent vegetative state.

A healthcare power of attorney document authorizes one person or a few people to make any and all healthcare decisions on your behalf if you become incapacitated.

Although it can be extremely difficult to fill out these documents, not doing so makes things difficult on your loved ones, who must make decisions on your behalf without any idea what you would have preferred.

Don’t Delay This Important To-Do List Item

Having a bouncing bundle of joy is the number one reason people under the age of 65 make an estate plan. If it is your motivation as well, we would love to help you put together a plan that fits your specific needs.

 


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Monk Law Firm, PLLC assists clients throughout Charlotte, Rock Hill, Fort Mill and the surrounding areas.



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| Phone: 803-594-4453
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