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Three important estate plan considerations for new parents

| Jun 3, 2021 | Wills & Successions

If you’re a parent living in Louisiana, you might wonder what would happen to your child or children if you and their other guardian passed away. Fortunately, there are a few steps you can take to protect your child if such an unfortunate situation happens. Here are three ways that every new parent can protect their families.

Set up a will

Understandably, most younger people aren’t thinking about creating wills. But, regardless of your age, you’ll want to have a will in place as a new parent. This aspect of estate planning is about much more than determining who will get your possessions after you pass away. Instead, a will is where you can name your child’s guardian upon your passing. This is a decision about your child’s future that you don’t want a court system making.

Think about creating a trust

Another great way for new parents to take care of a child’s future is by setting up a trust. A trust can help you decide how your child receives money if you’re not there to distribute it. You can even require that your child uses some or all of their inheritance towards a college education.

Get life insurance

When you lived by yourself, you might not have given much thought to life insurance. However, as a new parent, you’ll need a way to care for your children if you pass away before they become adults. Fortunately, life insurance can help solve this problem. If one parent dies, life insurance can help a single-parent family take care of bills and other costs. Should both parents pass away, life insurance can help fund the costs of raising this child until they become an adult.

In closing, properly planning your estate can help you take care of your child when you or another parent is no longer around. Considering the importance of planning your estate, this is something you might want to have an attorney help you with.