Estate Planning Tips For New Parents
Welcoming a new child into your life is one of life’s biggest blessings. While a child brings immense joy, it also has a host of responsibilities and these require careful planning. As a new parent, estate planning is one of the most important things you can do today to protect yourself, and the rest of your family. Below, our St. Petersburg estate planning lawyer offers some tips to keep in mind when creating your plan.
Purchase a Life Insurance Policy
Life insurance is very important, particularly when you have young children or others that depend on you. Purchasing life insurance has many benefits. If ever necessary, your beneficiaries can use the proceeds from a life insurance policy to repay debts such as credit card bills or student loans.
Draft or Update Your Will
It is recommended that all adults in Florida have a last will and testament prepared for them. This legal document will state how you want your property divided upon your death, allowing you to leave an inheritance and legacy for your children. If you do not have a will yet, it is critical that you prepare one now, as you can also name a guardian for your minor children if you pass away. If you have already drafted a will, now is the time to update it to ensure your child is included in it and so there are no questions regarding your final wishes.
Establish a Trust
Establishing a trust is an effective way to manage and protect assets for your child. A trust allows you to financially provide for your child. These legal documents are also not subject to probate, so your child can receive their inheritance faster, while potentially protecting it from creditors and probate costs. You can also include age-based instructions in the trust to make sure your child is a certain age and maturity level when they receive the assets in it.
Plan for Incapacity
No one wants to think about it, but there may come a time when you are unable to make medical or financial decisions for yourself. Advance medical directives, including durable power of attorney and healthcare surrogates, are extremely important if you are ever in this position. These legal documents outline how you want legal, financial, and medical issues handled in the event that you cannot make decisions for yourself. Preparing these documents in advance takes the burden off of your child, as they do not have to make these decisions on their own or with other family members, who may not agree.
Our Estate Planning Attorney in St. Petersburg Can Help with Your Plan
As a new parent, it is critical that you obtain sound advice from a St. Petersburg estate planning attorney when drafting your plan. At Legacy Protection Lawyers, LLP, our seasoned attorneys can draft a plan that aligns with your goals and that will protect you and your family. Call us today at 727-471-5868 or contact us online to schedule a consultation and to get the legal help you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
