Why an estate plan after having a child?

Oct 01, 2020

The joys of parenthood are often boundless. You may have known for most of your life that you wanted to have children, and now that you have welcomed your first child, you could not feel more thrilled. Of course, you now also have concerns that you may not have had before, such as ensuring that your child remains happy and healthy, and paying for college in the future.

Another more troubling aspect to consider is what will happen to your child should you and the other parent not have the ability care for him or her, such as in the event of your sudden demise. While this idea is certainly difficult to think about, it is a scenario worth planning for to ensure that your child has care from a trusted person in the future.

Estate planning after having a child

The most important matter to you and the other parent will undoubtedly revolve around having the right person care for your child in the event that neither of you can. You have the ability to name a guardian of your choosing, but to do so in a legally binding way, you need to create a will. Your will is the only document in which you can appoint a guardian.

Making this appointment can help bring you peace of mind as well as work toward a smoother transition of guardianship in the event that it is necessary. Rather than having family members possibly fighting over who should take over as guardian for your child, you will already have your wishes in a formal document.

What other steps are important?

Though naming a trusted and responsible person to act as guardian is certainly vital, you will likely also want to make sure that your child has funds available to cover various expenses that he or she may face. Taking out a life insurance policy could ensure that your child has funds available for college tuition when he or she reaches the appropriate age, or you could indicate that your child’s guardian could use those funds to cover everyday expenses for care.

If you have financial assets, such as a retirement account, that allow for beneficiary designations, you may also want to review those accounts and update your beneficiaries if you wish to name your child as beneficiary or successor beneficiary to any of those assets.

You can do more

These examples are just a few of the various steps you could take to create an estate plan that addresses the possible needs of your child in the event of your passing or incapacitation. By speaking with an experienced Florida attorney, you may have the ability to obtain additional information about creating a solid plan that will cover your concerns and needs for yourself and your child.

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