Estate Planning Checklist for New Parents

One of life’s biggest blessings is welcoming a new child into your family. Of course, along with the immense joy a new child brings, there are also many responsibilities and these require diligent planning. Estate planning is important for all adults but this is particularly true for new parents. With a comprehensive estate plan, new parents can protect their children, other loved ones, and themselves. Below, our New Port Richey estate planning lawyer explains further.

Purchase Life Insurance 

Like an estate plan, all adults should strive to have life insurance, particularly parents with young children or other people who rely on them. Purchasing a life insurance policy has many different benefits. One of the biggest of these is that if you pass away, your beneficiaries will receive the proceeds and can use them to repay debts, such as their student loans, the mortgage, or credit card bills.

Draft a Will 

A last will and testament can do so much more than simply outline how you want your property distributed after you pass away. Your will can also name a guardian for your minor children if you are ever unable to raise them. If you have already drafted a will, it is important to review it and update it after the birth of a new child. This will ensure that all of your heirs are included in the will and can prevent a dispute from arising in the future.

Draft a Trust 

Trusts are legal documents into which you can place property. After establishing a trust, it is a separate legal entity and so, the property within it belongs to the trust and not you. Still, you can manage the trust and the assets within it during your lifetime. You will also name a trustee who will manage the trust after you pass away. Due to the fact that the property within a trust is not legally owned by you, it is not subject to probate after you pass away. This can protect your children’s inheritance and allow them to receive the property sooner.

Draft Advance Directives

 Advance directives such as a health care surrogate or durable power of attorney appoint another person to make decisions on your behalf in the event that you are ever unable to. Known as your agent, this individual can make medical, legal, or financial decisions on your behalf. Ensuring you have these documents in place can take the burden off of your child as otherwise, they would have to make these decisions on their own and without any guidance.

Our Estate Planning Lawyer in New Port Richey Can Help Draft Your Plan 

If you are a new parent, it is critical that you work with a New Port Richey estate planning lawyer. At Messina Law Group, P.A., our experienced attorney will listen to your goals, advise on the tools that can help you reach them, and draft a plan that is executed properly and that the courts will enforce. Call us now at (813) 492-7798 or contact us online to schedule a consultation and to learn more about how we can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html