If you have just had a child, your life is extremely busy with changing diapers, feeding schedules, and figuring out how to be a new parent. However, something else worth considering after having your first child is creating an estate plan with an experienced attorney. Many people balk at the idea of considering their passing right after becoming a parent, but hiring an estate attorney as a new parent can be beneficial to you and your new child. To learn more about the benefits of creating an estate plan as a new parent, call or contact the experienced estate planning attorneys at Select Law Partners in the Fredericksburg region and Northern Virginia today.
Naming a Guardian
An important aspect of an estate plan for your new family is naming a guardian for your child if tragedy occurs. Naming a guardian for your child allows you to retain some control of who will take care of your child in the event of your death. This also gives you an opportunity to sit down with the guardian to discuss your wishes for your child’s upbringing if you and your spouse were to pass away while the child is a minor.
Preserving Assets for Your Child
The creation of a will also preserves assets and inheritance rights for your new baby. By specifically naming your child in a will, it can avoid probate fights over certain assets in your estate.
Noting Beneficiaries on Accounts
You can also take the opportunity of creating an estate plan and naming your child as a first or second beneficiary on all financial accounts that allow for beneficiary designations. By naming your child as a beneficiary to retirement accounts, investments, bank accounts, and other financial instruments you bypass the probate process for those assets in your estate. This makes it faster and easier for your child to obtain the financial security he or she needs after your passing.
Setting Up a Trust
Finally, setting up an estate plan as new parents also gives you the opportunity to create a trust for your child. You can place any assets you would like into a trust, and you can name the trustee of your choosing to manage the trust assets for your child’s benefit. Similar to other financial instruments, your child would be named as beneficiary to the trust, and all assets would bypass the probate process in Virginia. Establishing a trust for your child as new parents can provide long term financial security for your child that will also give you and your spouse peace of mind.
Call or Contact Us Today
If you are interested in learning more about how an estate planning attorney can help your family as new parents with a number of estate planning tools, call or contact the Fredericksburg law office of Select Law Partners today. Contact our firm today to schedule a consultation of your estate planning needs with one of our estate planning lawyers now.