Becoming a parent means it’s time for estate planning

Becoming a parent means it’s time for estate planning

| Jul 20, 2020 | Estate Planning |

Having your first child and becoming a new parent will bring a lot of changes to your life. Many of these are wonderful, as you expand your family and discover new things about yourself that even you did not know. You also have to learn how to balance schedules, work, leisure time, budgets and much more. It is definitely a period of change.

As you move into this new part of your life, one thing you may want to think about is setting up an estate plan. Many people have not really thought much about it in their 20s and 30s, when you are likely having that first child, but this event can show you how important it is.

After all, estate planning can include choosing a guardian for your child. You hope to raise them to adulthood, but you need to think about what will happen to them if you are not around. A guardian who has the same values and lifestyle that you do may give your child the same upbringing, and it gives you peace of mind to know that this person is ready if needed.

You also need to think about passing assets to a minor. You do not want to leave the money directly to your child, but you still want to give them financial support. Would you like to put your assets into a trust? Who should have access to the trust if the child needs it before they turn 18? When should it transfer into their name? These are all important questions to ask.

If you want to get started, take the time to learn exactly what steps to take.