Estate planning is an essential process for new parents. It offers a sense of security and assurance that their child’s future is protected, despite what unexpected events life may bring.

Estate planning may seem daunting, especially during the busy and often overwhelming period of welcoming a new child, but it shouldn’t be pushed off. If you’re a new parent, establishing or revising a comprehensive estate plan can ensure that your wishes regarding your child’s care and financial well-being are clearly outlined and legally enforceable.

Selecting a guardian

One of the most critical decisions new parents must make is choosing a guardian for their child if both parents can’t care for them. This involves thoughtful consideration of who shares their values, is capable of raising children and is willing to take on this responsibility. The selected guardian should be someone they trust implicitly to provide for their child’s emotional and physical well-being. Detailed discussions with potential guardians can help parents feel secure in their decision.

Creating or revising a will

Drafting or revising a will enables parents to specify how their assets should be distributed, including setting aside funds for their child’s education and other needs. Ensuring these instructions are clearly defined in a legally valid document protects the child’s future.

Establishing or revising a trust

Setting up or revising a trust can be wise for new parents looking to manage how their assets will be used for their child’s benefit over time. Parents can set terms for a trust that enables them to have control over the funds even after their death. This can prevent a young child from receiving a large sum of money all at once and provides a structured way to contribute to their financial stability and education.

Ultimately, a comprehensive estate plan provides security for children. It can also give parents peace of mind because they can rest assured that their children will be taken care of if something happens to both adults. Having a legal representative to help get things set up appropriately can better ensure that everything is covered in a legally binding manner. Call or contact us for your free initial consultation.

Andre L. Pennington attributes his passion and success as an Arizona estate planning lawyer and licensed financial professional to one thing: wanting to do what’s right for his Family.