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Estate planning considerations for young parents

On Behalf of | Feb 2, 2022 | estate planning | 0 comments

If you have recently become a parent, you know that the bond between a parent and child is extraordinary. You want to take care of and protect your children. You may have high aspirations for your child’s future.

If something happens to you, you want to know that your children are safe and loved. You need to make plans in advance for any contingencies.

Who will care for your child?

As part of your estate plan, you should appoint a guardian to care for your child if you or the child’s other parent cannot care for them. You will need to designate the person in your will. You can also name alternates. When appointing a guardian, you need to talk to the person to ensure they are up to the responsibility.

How will you meet your child’s needs?

If you are a new parent, you may not have significant assets in your portfolio. You need to review your financial situation and look at some options for providing for your child if something happens to you. Life insurance is an excellent investment for persons with little wealth accumulation to pass wealth to beneficiaries in the event of death. To manage any assets passed to your minor child, you will need to execute estate planning documents, such as a will with a testamentary trust or a revocable trust agreement.

No feeling in the world comes close to being a new parent. Be sure to protect your child with proper designations for their future.