5 Estate Planning Tips For New Parents

  • Estate Planning
5 estate planning tips for new parents | estate and probate legal group

You’re a new parent! Congratulations! The view of your world has changed, and suddenly you’re not the most important person anymore – your child is. And you will do anything and everything to protect this young baby. You have the best stroller, crib, and car seat for the little one, but have you thought about how you’ll protect your child’s future? You may not realize you need estate planning tips for new parents – but you do.

What Is An Estate Plan?

The purpose of an estate plan is to protect you and your loved ones. It is a set of legal documents that can help you plan your future or ensure you are cared for if you become ill or incapacitated. It also helps financially protect your loved ones after you pass away. People often believe an estate plan is a will or trust – but it includes much more.

The 3 primary documents in an estate plan are:

While a will or trust is important, as a new parent, you need an entire estate plan to protect and care for your new child.

Estate Planning Tips For New Parents

So how can you set up an estate plan that is best for you and your new family? Here are 5 tips that will help you get started:

  1. Make a Will or Trust.
    Many know that a will can distribute your assets after you pass away. It’s in a will where you will name the guardian of your new child. Without this, the courts will decide who will raise your child if something happens to you. A trust is a way to help plan for the distribution of money and assets for your child and can be useful in certain situations.
  2. Buy Life Insurance.
    You may realize that life insurance is important, but now is the time to purchase it if you have been putting it off. The life insurance policy is where you will name the beneficiaries. This will help your family pay for your funeral expenses and leave them money to survive after you’re gone.
  3. Establish a Health Care Directive.
    An advanced medical directive informs your family and doctors of your decisions regarding medical care and end-of-life care if you become incapacitated.
  4. Write a Durable Power of Attorney.
    A power of attorney allows someone to act on your behalf when you cannot. It gives the person legal permission to handle your affairs in financial, legal, or medical areas.
  5. Call an Estate Planning Lawyer.
    Besides having each of these legal documents (and more) in your estate plan, you need someone to ensure they all work together.

As a new parent, you need someone to help you establish an estate plan. An experienced estate planning attorney can help you set up all legal documents, ensure there are no conflicts and your child will be protected and taken care of after you’re gone.

When You Need to Talk to An Oak Brook Estate Planning Attorney

At the Estate and Probate Legal Group, we understand your unique situation as a new parent. We can help with your estate planning and all the necessary arrangements. Contact Us today to talk with an experienced attorney. Call us at 630-864-5835.

AREAS WE SERVE: Cook, DuPage, Kane, Lake and Will counties