Expecting A Little One? Estate Planning Tips To Protect Your Family
The birth of a new family member is one of the most precious times in life, and the months leading up to the big event are both busy and fun. Amidst doctor visits, planning a nursery, and shopping for baby items, put estate planning on your to-do list. There are certain documents you need to put in place to ensure your new family is protected. Our Tampa estate planning attorney offers some practical tips.
Estate Planning For New Parents
As a parent, your top priorities are making sure your children are provided for and protected. While it is easy to get distracted by all the busyness surrounding the birth of a baby, it is also important to address serious matters that could impact their future.
You can help protect them now and in the years to come by putting the appropriate estate planning documents in place. Financial advisors at The Motley Fool urge new or expectant parents to put estate planning at the top of their to-do lists. As a parent, areas to consider include:
- Create a will: In the event of your death, your property and assets pass to your loved ones through the Hillsborough County Probate Court. A will acts as a guide through the probate process, making it easier. It provides an inventory of your estate and conveys your wishes in regard to how it is divided among beneficiaries.
- Choosing a guardian for your child: Consider who you would want to provide for your child in the event something happens to you and the other parent. Include this person in your will and specify their role as guardian.
- Consider a trust: A trust allows you to transfer ownership of certain assets and dictate how they are distributed in the future. It allows specific payments for beneficiaries and helps to ensure minor children are provided for properly and that your guardian has what they need to fulfill their role.
- Life insurance policies: To ensure your children have what they need in life and that your mortgage and other important debts are paid, you may want to consider either purchasing a life insurance policy or reviewing any existing coverage you have in place.
Our Tampa Estate Planning Attorney Is Here To Help You And Your Family
At Strategic Counsel Law Group, L.C., we understand how important it is as a new parent to ensure your children are provided for financially, regardless of what the future might hold. We encourage you to put creating a will and other important estate planning tasks at the top of your to-do list.
Our experienced Tampa estate planning attorney is here to help throughout the process, providing courteous, comprehensive service and professional legal expertise you can trust. We answer all of your questions, address your concerns, and guide you in putting the appropriate estate planning documents in place. Give us a call or contact our office online to request a consultation today.
Sources:
fool.com/personal-finance/2019/09/28/if-youre-a-new-parent-take-these-x-estate-planning.aspx
hillsclerk.com/court-services/probate-guardianship-and-trust
