New parents will have their hands full from the moment they leave the hospital, shouldering a host of new responsibilities that come with the joy of bringing life into this world. This is a big time in your life, and one that signifies big changes are on the horizon. Once you and your significant other birth or adopt this miracle into your family, it’s time to begin planning for the future. When it comes to estate planning, most adults are happy to table the process for another day. When it comes to new parents, most are more worried about feeding their newborn than planning for their own deaths. As your team of professional estate planning attorneys in Bethesda and Washington D.C., JDKatz is here to help you prepare for the worst while planning for the best. For years, our estate lawyers in Maryland have helped clients manage their life plans, from living trusts to the wills and probate process and more.
Proper estate planning can help you to rest easy knowing that your new bundle of joy will be in good hands in case the worst happens. It’s important to put in your best efforts now to lay the groundwork for emotional and financial security for the rest of your child’s life. Today, we’ll highlight a few basics that can help you and your expanding family to live happily knowing that everything is accounted for. When done, be sure to reach out to our estate law experts for assistance with your estate plan!
It can be difficult to imagine your newborn growing up with anyone other than you and your spouse, yet the decision must be made to safeguard your wishes against the risks of leaving the decision to a judge. Our legal system is very beneficial for providing guidance and structure when a will, trust, or estate plan is not in place, yet these individuals do not know you or your family. Instead of leaving your legacy in the hands of strangers, our estate planning attorneys recommend taking the time to name guardians that you fully trust. These adults will act as the parents for your newborn, but the decision shouldn’t involve too much stress. You can always go back and update your estate plan later!
Creating Your Will
A last will and testament states your final wishes, and while this document may not be the best choice for new parents when compared to options such as a revocable living trust, it does serve to help you in establishing who the guardians of your child will be in the event of your untimely passing. Wills are not needed to appoint guardians (a signed piece of paper may suffice), yet they are valuable in delivering the rest of your written instructions. Many parents will choose at the junction to appoint secondary and tertiary guardians to ensure that their child is perfectly cared for.
While not comprehensive enough to serve as your entire estate plan, a will is helpful in designating what will be done with your assets at the time of your death. In many cases, this inheritance is intended to be for the child, giving them financial security in addition to parental support. This is a great starting point for new parents who are in need of more time, money, and sleep, and our estate planning attorneys are happy to help each step of the way.
While your estate planning efforts may prove fruitful, it’s important to remember that estate law involves the balance of multiple different factors all working in unison to create a comprehensively covered plan. Accounts that have payable on death (POD) designations, for example, may supersede the instructions of your will. IRAs, life insurance policies, retirement plans, and more all may have a direct beneficiary designation that will require you to periodically update to avoid any future issues.
Life Insurance Updates
Planning for the worst is not a fun activity, but it can provide the best-case scenario for your child if something were to happen to you. These policies are often very affordable and offer considerable payments to help your child grow and thrive with the resources they need to grow into adulthood. Young parents are often strapped for cash and do not want to spend the time or finances to invest in a quality policy, yet the risks are just too much to ignore. As your estate planning guides, our attorneys help you to find a policy that meets your budget while offering comprehensive coverage.
Parenthood is one of the most exciting and rewarding endeavors humans can experience, but with new life comes a host of new responsibilities. If you are looking for experienced estate lawyers in Maryland to help you efficiently plan the succession of your estate, be sure to reach out to JDKatz. Our Bethesda estate planning attorneys specialize in a wide range of legal fields, from tax law to business structuring and more. Contact us today to receive guidance for your future!