While pregnancy lasts the better part of a year, expectant parents often don’t have enough time to prepare themselves for the substantial changes coming their way. There are so many things that need to happen before you welcome a new member to your family. You need a safe sleeping space for the child and clothing in an assortment of tiny sizes. You also have to think about your child’s long-term safety and well-being. Their needs will start to shape your decisions about everything from your career to where you live. Ideally, you will be there for every step of your child’s development, from their first day of preschool to their high school graduation. Unfortunately, something could happen to you while your child is still young and vulnerable. That is why many people expecting a baby or about to adopt will sit down to create an estate plan for the first time in their lives.
Meeting the needs of a child is not only a full-time job, it’s also an expensive one. If something were to happen to you and the child’s other parent, your child will be vulnerable. They could potentially end up in foster care if you don’t make plans for them ahead of time. Naming someone that you know and trust to serve as a guardian and trustee, and discussing the possible responsibilities with the person you choose, is one of the ways you can protect your child with an estate plan. You can also think about the practical and financial support that they will need. Setting aside property for them, possibly even creating a trust, can help ensure that your child will have opportunities in life if something tragic does occur.
Preparing for big changes to your family requires that you create an estate plan (i.e. Wills and Powers of Attorney-Financial and Healthcare/Living Will), or review and revise the documents that you already have in place. Experienced guidance can help you see all the possibilities. Contact OWM Law Offices and speak with one of our attorney about estate planning services.