You just experienced one of life’s biggest changes and greatest joys: the birth of your child. Young parents in the Albany area have much on their mind, and estate planning may seem like something they do not need to worry about for decades.
However, new parents will want to think about estate planning sooner rather than later, as no one can predict the future. It is always best to be prepared, especially with a new child to think about. Here are a few reasons why you should consider some estate planning strategies sooner rather than later.
You may pass away before your child is grown
One reason estate planning is important for new parents is the unfortunate possibility that they could pass away before their child is grown. Of course, executing a will or even a trust can ensure your assets will go to your desired heirs. However, new parents will also want to name a guardian in their will.
The guardian is the person who will be given the lawful authority to raise your child and make key life decisions regarding your child’s home, education and medical care.
You may become temporarily or permanently incapacitated
It’s important to keep in mind that estate planning is not just about planning for death. It is possible that you could become mentally or physically incapacitate and unable to make decisions about your own medical care.
For this reason, it is crucial that you designate someone as medical power of attorney, who will be able to make health care decisions on your behalf in a time of need. You can also designate a durable power of attorney to make financial decisions on your behalf if you are incapacitated.
Plan not only for your sake, but also for the good of your child
An estate plan is not something new parents should put off, as life is unpredictable. For their sake and for the sake of their child, they should make immediate plans to have their wishes legally established in a comprehensive estate plan, rather than leaving everything up to the state.