Creating An Estate Plan: A Guide For New Parents
Estate Planning as a New Parent
Becoming a parent may turn you into a different person. Suddenly, you no longer have to worry about yourself, but you also have to think about the future of your child. There’s a sudden change in your priorities and you have a completely different perspective about life now. With that being said, it’s normal if you want to secure your child’s future and ensure their safety and protection as early as now.
It is never too early to worry about these types of things, and one of the things that you can do is to create an estate plan. The future is beautiful, but it can be scary at times too – and you don’t know what’s bound to happen. What we do know is that there’s something that you can do to ensure your child’s security, and an estate plan is the first step to make this happen. At first, estate planning may seem difficult to understand – some parents feel overwhelmed with the idea of it, but it isn’t. Listed below are some things that every parent has to take into consideration when working on your estate planning.
Assign A Guardian For Your Child
One of the most important aspects of estate planning is to assign a guardian, especially for minors. This is a position that you shouldn’t take lightly. This person is someone that you will entrust your child(ren) to, so be sure to choose wisely. He/She is someone that can carry the responsibility of becoming a parent, just in case both parents pass away. By assigning a guardian, you can ensure that your children will have someone looking after them until they are adults.
Assign An Executor
This person will make sure that he/she will carry out your will, so this is another important thing to take into consideration. You may pick one more people individuals for this responsibility, who will overlook the entire process of ensuring that your assets are properly utilized and managed to benefit the kids.
Set Up A Trus For Your Child
Aside from making sure that you have a will, a trust will also benefit your children. When both parents pass away, all assets will then be forwarded and held in trust until they are no longer minors. Your trust will then be managed by your assigned trustee, making sure that funds are properly used for education and other important expenses needed by the child. It is also important to take into consideration that all of your assets won’t directly and immediately go to your kids the moment that they’ve reached 18 years old.
The above-mentioned things are just some of the reasons why estate planning plays a crucial role in parents. Parents will do almost everything for their children, and estate planning should be on the top of your list.
For more information on how https://probateattorneyvegas.com/ can help you with Estate Planning as a New Parent, please contact us at (702) 388-9800, or visit us here:
The Law Office of Roger A. Giuliani, P.C.
500 N Rainbow Blvd #300, Las Vegas, NV 89107