New Parents Need to Consider Estate Planning
When many Myrtle Beach area parents hear the words, estate planning, they may think that it is for older people. However, estate planning is for everyone, including new parents.
Every stage of life requires an estate plan. An estate plan created by someone in their 20s is different than those in their 80s but is still equally important. New parents have special estate planning steps they need to take. First, they should set up health care proxy and power of attorney documents. This can ensure that if they become incapacitated, someone will be designated to step in and make important decisions. New parents should also designate a guardian for their children.
If something unexpectedly happens to them, having a guardian in place is important. Parents can designate someone to take care of the children as well as a trustee to take care of their financial needs. Traditional estate planning documents should also be established, including a will or trust. Parents should also review their current life insurance documents and decide whether they should be updated and whether they should increase the amount of life insurance they have. Finally, all accounts should be updated with the proper beneficiary.
Having children is a blessing that many couples look forward to in their relationship. When a couple welcomes a new child, there is a lot to get ready and plan for, but estate planning should not be placed on the back burner. Having a plan in place can be comforting for a family. A legal professional skilled in estate planning can help a couple create an estate plan that works for their family. They can advise new parents on what tools they should utilize and what may need updating.
Having an estate plan is good insurance in case the unexpected happens. A family needs to protect their children, their health and their assets if they become incapacitated or die unexpectedly.