Your Comprehensive Pottawatomie County, OK Estate Planning Law Firm
Looking to start working on your estate plan? Let us help you cover all the ground and create a plan that covers your family when you’re gone.
Typically, most people wait until their sunset years or when they’ve gathered enough wealth to think of an estate plan or even a will. But, if you’re like most people, you quickly realize your purpose when you set your eyes on your newborn. You want to provide them with the safest and brightest future possible and you can do that by setting up your estate plan as early as possible.
Estate planning is not just a preserve of the elderly. It’s a crucial process that new parents should consider as a part of planning for the future of their children and locking in financial stability while protecting their young families from unexpected tragedy.
Talking to an estate planning lawyer from the onset can help you get started on an estate plan to ensure your little one is well taken care of from the minute they set their eyes in this new world. It will also give you as the parent peace of mind knowing that your children are in the best position possible.
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What Are The First Estate Planning Documents Every New Parent Needs?
The sooner you start working on an estate plan, the more time you give yourself to critically analyze every aspect of the process. As a new parent, your comprehensive estate plan should include the following documents:
- A Will:
The will forms the basis of the estate plan. It details your decisions which will be affected when you pass away. Part of the reasons why the will is such an important document is because in it, you also select a guardian to raise your children and a trustee who will handle the finances. It can be the same person, but it doesn’t always have to be. - Power Of Attorney:
The power of attorney decides your healthcare and finances. There are two types of power of attorney you will need to set up. These are the financial power of attorney and the health care power of attorney. In some instances, your living will can be paired with the power of attorney in what is called an advance or healthcare directive.
- A Trust:
Creating a trust is an effective way to ensure your money and assets are protected and passed on to your children. When setting up the trust, you have several critical decisions to make. You can choose to go with a living trust, or opt for a revocable or irrevocable trust. Your estate planning law firm will help you understand each type of trust and what it means for your assets. - Life Insurance:
When setting up life insurance, you may not need the services of an estate planning lawyer. The insurance itself is not part of the estate plan but plays into your planning. It helps take care of the unexpected and together with the trust and will, it can assist lessen the financial blow in case of an unexpected loss.
Securing these documents when you become a new parent can help you sleep easily at night knowing that your young family is taken care of. It’s vital to emphasize that you don’t have to wait until you have generated enough wealth. You can start now and keep adjusting as your financial power increases.
When Should You Update Your Will After Having A Baby?
If you already have an estate plan in place after your first child, you will need to speak to a lawyer for preparing estate planning documents after adding another member of the family. This is because many aspects of your estate plan may need to be adjusted after the birth of the new baby. Some of the factors that you may need to relook with your estate lawyer include:
- The will which will need to name the child and add them as beneficiaries to any assets and finances.
- You will need to select a new guardian or prolong the period of guardianship to cover the child and select a trustee.
- Consider a power of attorney for the child and also add them to your retirement accounts or life insurance.
Having a new child is the perfect time to meet up with your estate planning law firm to look over your estate plan and ensure everything is up-to-date. The best time to do this is as soon as the child is born because you never know when the unexpected might happen.
Call For A Free Consultation | (405) 449-5777
The Legal Advantage Group: Helping Our Clients In Pottawatomie County, OK Stay Ahead Of The Unexpected.
Let us help you take care of those that are most important to you – your family!
Has parenthood become a wakeup call that you need a better plan for your family? It can be an eye-opening experience bringing life into this world and wondering what would happen to them if you were not there to provide for them. Working with estate planning lawyers near me in Pottawatomie County, OK can be an excellent place to start.
Contrary to popular opinion, you don’t have to wait until you amass massive amounts of wealth to start thinking about an estate plan. If you’re uncertain, give us a call today at (405) 449-5777 for a free consultation and a chat on how estate planning can help secure your family’s future.
