Do new parents need an estate plan?

If you have recently become a parent, you know that you have to look out for more than just yourself from here on out. If anything were to happen to you, it is important to make sure your child is taken care of. If you don’t have an estate plan already, it is important that you create one upon the birth of a child. It is also important to keep your estate plan updated if you have any other children in the future.

You may want to set up a trust for your children in the event that you or your spouse pass away before the child turns 18. You should be sure to appoint a guardian who will care for the child if you or your spouse pass away. If you have a significant inheritance that your child will get after your passing, you may want to put it in a special trust for them until they reach a certain age. You can arrange it so the child does not have access to these funds until they are old enough to handle them in a responsible manner. You may also want to consider whether your life insurance policy will be large enough to support your family in the event that something happens.

If you need assistance in setting up an estate plan as a new parent, it is a good idea to consult with an experienced estate planning attorney in California who can guide you to a successful estate plan.

If you need the dedicated legal representation for wills, trusts, and estate matters in California, contact the Law Offices of Yacoba Ann Feldman to schedule a consultation.