West Palm Beach Estate Planning for New Parents
Being a new parent comes with a long list of new challenges and things to do. With all the sleepless nights, estate planning may not even be on your radar yet. That’s why talking with an experienced West Palm Beach estate planning attorney can help. There are many aspects of estate planning that become more crucial when becoming a parent. Some of the most critical elements might include:
- Setting up a will that provides for a guardian for your child;
- Designating a power of attorney;
- Establishing a trust;
- Buying life insurance;
- Choosing a personal representative for your estate;
- Making funeral arrangements; and
- Designating beneficiaries.
Younger people often overlook estate planning. It’s crucial to think about it when you are younger in case of emergencies or accidents. Even if you aren’t a new parent yet, it’s better to be prepared as early as possible. At the Law Offices of Larry E. Bray, P.A., we have years of experience helping clients with all their estate planning and probate needs. Here’s a look at some of the vital estate planning aspects to consider when you have a child.
Adding a Guardian to Your Will
If you have a child, you need to name a legal guardian. This person will act as a custodian to your child until they are 18 if something happens to both parents. You should choose your guardian very carefully as this is an extremely important position. The court will make the final decision on whether your choice is fit to be a parent. Naming successor guardians is not a bad idea either, in case your first-choice refuses, passes away before taking on the job, or the court finds them unfit for the position.
Set Up a Power of Attorney
If you suffer an accident or become incapacitated, aspects of your estate plan won’t necessarily kick in yet. To ensure that your family can manage all the elements of your finances and healthcare, you need a durable power of attorney. The durable power of attorney will allow someone to make decisions on your behalf, pay bills, sign off on medical decisions, or even manage your investments.
Buy Life Insurance Policies
Consider buying life insurance policies, one for each parent. As new parents, you likely don’t have much money saved. A life insurance policy will make sure your children are financially provided for if something happens to one or both of you.
Consider Creating a Trust
A trust allows you to have more control over when and how your children will receive their inheritance. You can include more detailed and precise instructions compared to a will. Creating a will may be the most straightforward option, but the benefits are more limited.
Update Your Beneficiaries
If you have retirement accounts and existing life insurance policies, you need to update your beneficiary designations. Review your existing beneficiaries as you may want to leave your spouse as a primary beneficiary and name your child as a secondary beneficiary.
Contact a West Palm Beach Estate Planning Attorney
If you need assistance with estate planning in West Palm Beach, contact the Law Offices of Larry E. Bray, P.A., to schedule an initial consultation. Let us help with all your Florida estate planning and probate needs.