As a new parent, there are countless things to take care of, but one crucial task that often goes overlooked is creating an estate plan. Even though you may be young and healthy, planning for your child’s future is critical. Your child will rely on you to make decisions that will guarantee a secure future, even in the worst-case scenario. That is why starting an estate plan when your child is born is an excellent time to think about what you want for your spouse, children, and assets when you can no longer care for them.
Create a Last Will and Testament and Appoint a Guardian for Your Children
One of the most important concerns new parents have is having a guardian for their children in case anything happens to them. Fortunately, creating a Last Will and Testament can help with this issue.
A Will is often the foundation of your estate plan, helping guide your family on your last wishes. This document is created to represent your plans for your loved ones and assets after you pass away.
Name an Executor To Distribute Your Assets
When you create a Will, you will also need to designate an executor who will distribute your property accordingly, pay your debts, and take care of other tasks. As a result, you will want to choose wisely when picking an executor, as they will have a significant amount of control over the assets your children will inherit.
Create a Living Trust
A living trust also referred to as an “inter vivos” trust, is a trust you create while you are alive. However, the individuals you name in your trust will receive the property you placed in the trust after you pass away.
Living trusts are known to save loved ones a significant amount of time and issues. This is because trust assets will not have to go through probate after you pass away, and often, you have more control over the distributions that go to your children.
In addition, when you create a trust, you can name a specific person to manage these funds on your child’s behalf and also develop instructions on how the person should use the money to help care for your kids as they grow.
Purchase Life Insurance
Having life insurance can help ensure there is money available to continue providing for your surviving children if anything should happen to you. However, before deciding on a policy, it is essential to do your homework, research different carriers, and find a policy type that works for you and your family.
Contact Ardent Guardian Today To Go Over Your Estate Planning Options
If you have experienced a significant life event like a marriage, death, or birth and need to establish or modify your estate plan, get in touch with Ardent Guardian today. Our team can review your family’s wishes, assess your estate planning possibilities, and create a strategy that accurately represents your desires and requirements.