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Horizon Elder Law & Estate Planning Blog

Tuesday, January 17, 2017

A New Baby Means Time for an Estate Plan

Why do I need an estate plan?

If you are like most Americans, you may have put off creating an estate plan.  More than 50 percent of all Americans lack even a basic will.  Anyone who has recently had a baby, however, should reconsider the importance of making an estate plan.  An estate plan outlines your wishes for your assets and care of your dependents in the event of your death.  Having a solid estate plan can save your family from financial difficulties and emotional upheaval.  Our California estate planning attorneys offer the following reasons for you to consult with one of our lawyers to start your estate plan today.

  1. For your children:  Your estate plan will not just dictate what becomes of your possessions, it will also determine who you want to care for your minor children.  This makes your will a critically important legal document.  Your estate planning attorney can help you to properly set out your wishes for the care of your children in the event you and your spouse perish.  You can name an individual or family to be your child’s guardian.  It can be quite difficult to select a guardian, but if you do not take this vital step, you will not have a say in the care of your children after your death.
  2. For your loved ones:  Part of your estate plan will be setting out advanced directives for your care in the event you become incapacitated.  Leaving these decisions to your loved ones can create immense emotional turmoil.  By setting out your intentions, your surviving loved ones can rest assured that your wishes are being respected.  
  3. For yourself:  You have worked hard your whole life to ensure your family is financially stable and your children well cared for.  You owe it to yourself to take steps to protect your important legacy.  Crafting a will, trust, and other estate planning documents allows you to dictate where your assets go and who will care for your children.  You will also have the satisfaction of knowing your child’s heritage will not go mostly to state and federal taxes.  

Although it can be intimidating to broach the subject of death, working with an experienced attorney team will provide you with immense peace of mind.  Take this time after welcoming a new addition to the family to consider consulting with an estate planning attorney today.  


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