New Parents? Estate Planning Tips to Consider
Congratulations on becoming a new parent. It is a fun and exciting time, but it also comes with some anxiety too. As you think about which baby clothes to buy, you also need to think about trusts and estates too.
While you likely do not think you will be passing away any time soon, you now have a little one who depends on you and you need to be prepared for anything that can happen in the future, especially those unfortunate unexpected events.
At Morgan Legal Group PC, our trusts and estates attorney in NYC is ready to assist you and guide you towards a future you can feel confident in. Call us today to schedule a consultation.
Trusts and Estates: What to Plan For
One of the first things you want to plan to do when looking at trusts and estates for the future is create a will. The will assigns who you want the guardian to be of your children, should both parents pass away.
Now, the tricky part comes after that because the will doesn’t cover everything. This means you still need to visit some areas and have the proper documents in place.
- Get a trust account
- Determine an executor
- Make funeral arrangements
- Determine who will be your durable power of attorney
A trust account is one of the ways you can secure the future for your new dependents. You can place all assets and properties into the trust and assign a trustee who will oversee them until the beneficiary(s) is ready to have them be distributed.
Since your dependents are not old enough yet, they cannot be an executor to your will. You will need to assign someone to become the executor to keep your estate out of probate. You should choose someone you trust to make the right decisions and act with your wishes in mind.
You do not want your children to be burdened with funeral arrangements, so it helps to have them laid out in your estate plan. You should outline what your wishes are for a funeral arrangement because if you do not, the decisions on what to do will be left up to your legal next of kin.
This document is important because it allows you to appoint someone to act on your behalf if you were to become incapacitated. This is not a medical power of attorney, so do keep that in mind. This individual will be responsible for paying your bills, making decisions on your behalf, and acting in your favor while you are unable to.
Hire a Trusts and Estates Attorney Today
If you are having trouble understanding trusts and estates or you need help planning your future, the team at Morgan Legal Group PC is here to help.
To schedule a consultation with us, call our office today at 212-561-4299.