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Estate planning considerations for new parents

On Behalf of | Sep 27, 2021 | Estate Planning

If you are a new parent in Florida, you’re probably looking at life a lot differently than you used to. The joy of new parenthood is often accompanied by a lot of worries and anxiety. One way to alleviate some of those worries is to make sure that you have a solid estate plan in place.

Estate plans aren’t just for the elderly

Many people assume that estate planning is all about deciding what you are going to leave your surviving family members after you pass away. While the disbursement of assets is an important part of an estate plan, it is not the whole picture. Estate plans can also be used to set up arrangements for the care of your children should you become incapacitated.

What is a guardian and a trustee?

A legal guardian is the person you have selected to basically parent your child if you aren’t able to. The guardian will have all of the responsibilities of a parent from housing your child to getting your child to school and making sure that they eat a balanced diet.

A legal trustee is the person who you have appointed to handle your child’s finances. The trustee is responsible for paying your child’s bills and handling any tax obligations or left over money.

You can appoint your child’s legal guardian and trustee in your will. If you and your child’s other parent have separate wills, make sure that you are both on the same page about the guardian and trustee selection. It’s also important to let the guardian and trustee know that you have appointed them.

What other documents are needed?

While creating an estate plan as a new parent, you may consider purchasing a life insurance policy. You should also make sure your beneficiary designations on your financial accounts have been updated. If you have a large estate, you may want to speak to an attorney about creating a trust.