Did you know that August is National Make-a-Will Month? Having an estate plan is so important, and in this article, we’re diving deeper into why it’s a good idea for expecting parents to set up a Will before their child is born.
Having a baby is one of life’s most significant hallmark moments for parents, and there’s a lot to do to prepare for your new family member to arrive. One of the to-do items that can slip through the cracks is setting up or updating your Will and estate plan before your baby’s due date. Why is this so important?
What’s the significance of planning before the child arrives? Let’s break down four reasons why it’s vital to have a Will in place before your child’s birth.
Having a Will, in general, is critical, and it’s essential for parents who are expecting to know how a Will can safeguard them and their child if one of life’s many unpredictable events comes up. Keep reading to learn how proper estate planning can protect and make critical decisions if you cannot.
You never know what can happen during any medical procedure. A medical directive can decide how long a parent will stay on life support if she goes into a coma, for example, or state important decisions such as what should be prioritized in certain situations. Without one, doctors will have to make those critical calls to the best of their ability, without your say.
When you have a child, it is critical to put protections in place to ensure they’re well cared for, should something ever happen to you. One of the ways you can do that is to designate a guardian if you’re not there to care for them yourself.If you unexpectedly pass away without a Will in place, you will not get a say in who cares for your child, and the person that the court ends up appointing to be your child’s guardian might not be who would have chosen.
It’s a smart idea to set up a Healthcare Power of Attorney who can designate someone as your legal and business voice if you’re not able to. Life is unexpected, and while it’s not that fun of a topic to discuss, it’s important to think about the types of scenarios that can pop up unexpectedly so you can be prepared.
A Will also protects your child by allowing you the opportunity to leave behind your assets (including your home, car, special possessions, and everything else you own) or set up a trust.
August is National Make-a-Will Month for a reason—it’s often the slowest part of the summer for many, and an excellent time to check off those lingering to-do items you’ve been avoiding for the past several months. LegalShield makes creating a Will easy and quick. Talk to your LegalShield lawyer to discuss your estate planning options.
A Transfer on Death Deed (TODD) is a tool you can use to avoid probate on your real estate. Instead of waiting months for a court process, your home or other real estate passes directly to the person you choose.
This document determines who is responsible if something goes wrong based on the property's past. And unlike other deeds, it leaves a gap in protection that many buyers don't see coming.
If you own a home, carry life insurance, or have money in savings, you have something worth protecting. Using a Trust to direct who will receive those assets, when, and under what conditions is a great way to provide for your family.
DIY Wills can cause problems. You could fall for any of several estate planning myths, and you won’t be around to make fixes if something is incorrect. Getting a lawyer’s advice is the best place to start.
An irrevocable Trust can help protect your assets from creditors and even lower some taxes. It also lets you decide who gets your assets when you pass away. Using an irrevocable Trust has both pros and cons.
A codicil lets you make specific minor edits to your Will. Creating one is a simple way to update your wishes without having to start from scratch.
