When you become a new parent, estate planning is probably not at the top of your mind. However, as a parent who wants the best for your child, creating an estate plan is a necessary step to take to ensure that your child is provided for, both emotionally and financially, in the unfortunate event that you are no longer around. Read on to learn the importance of establishing a will and a trust if you recently had a child and how a seasoned Montgomery County estate planning attorney at JDKatz, P.C., can assist you in completing these important documents.
Should I create a will if I recently had a child?
A will is an important document in your estate plan, as it allows you to name a guardian, the person who would be caring for your child in the event that you have passed on. Without documenting your choice in a legally valid will, it will be left up to a Maryland judge to make the decision of who will raise your child.
What’s more, a will can also authorize you to designate your child as the beneficiary of your assets. For more, contact a competent Montgomery County will drafting attorney today.
Should I create a trust if I recently had a child?
In addition to a will, a trust can ensure that your child is financially provided for. Specifically, a trust will grant your child access to funds if and when they need them while also preventing them from mismanaging the money. With this document, you will be able to appoint a trustee to guarantee that these assets are used for your child’s benefit. Without establishing this document, your assets may be tied up in the probate process for six months or longer. What’s worse, your assets may be controlled by a court-appointed conservator rather than your desired trustee.
All in all, our firm understands just how stressful creating a will and trust can be, especially if you are a new parent. For support, do not hesitate in retaining the services of a proficient Montgomery County trust attorney. We will get you through each step of the process and make sure that your wishes are carried out. Just like you, your child is our top priority in your estate planning process. Pick up the phone and give our firm a call today.
Contact our experienced Maryland firm
Our firm has experience with matters of estates & elder law, business law, tax law, and litigation. Contact JD Katz, PC today for assistance.