Estate Planning Essentials For New Parents
As a new parent you have enough to worry about without thinking about estate planning. However, grim as it may sound, no one is safe from disaster and it is vital that you have a plan to protect your children in case of the worst. With that said, we know that as a new parent you also likely don’t have time to research the steps you need to take. That’s why we would like to present to you a handy guide on what every new parent needs to do in order to secure estate planning.
Update Your Beneficiary Designations
If you’re like the vast majority of Americans then you probably keep your money spread across different accounts. You probably have bank accounts, retirement accounts, life insurance and some other investment accounts. For many of these you can and should designate a beneficiary. By listing your partner as the beneficiary you can avoid probate and ensure that they quickly get access to the most money possible so they can continue to provide the best care for your children.
Creating Your Last Will
Not all of your assets can simply be dealt with through beneficiary designations. For those that fall outside the purview of these designations you’ll need to create a last will and testament to formalize your wishes for distribution. Your last will and testament should also include consideration of an especially devastating possibility. In the event that tragedy should befall both you and your partner, it’s important to appoint a guardian for your children. By appointing such an individual in your last will and testament the court will know you and your partner’s true wishes for who should care for your children.
Get Life Insurance
Many young people feel that life insurance is an unnecessary luxury. In the event of your passing, life insurance will be vital to sustaining your family and guiding them through grief. Having life insurance provides a sense of safety that even should the worst come to pass, your partner and children will not go hungry. It’s vital to stay prepared for even the most unlikely disaster, which is why an important part of your estate planning process is buying life insurance.
Even knowing what steps you need to take, it can be difficult to get your estate planning in order while also dealing with all that being a new parent brings. That’s why you need a communicative, dedicated and understanding legal team to help you prepare. At Morgan Legal Group we have the experience to make estate planning fast and easy. Get in touch with us now.