Having a child can be one of the most momentous occasions in a person’s life, and while caring for a new child can be a joyous experience, it also comes with an enormous amount of responsibility. For instance, parents will need to begin contemplating how to provide for their child in the event of a tragedy.
Estate planning is one of the best ways to ensure that a family’s assets will be preserved for a child and that an appropriate guardian will take custody of the child. Although it’s not always pleasant to consider being separated from our loved ones, carefully providing for their futures can play a crucial role in ensuring their well-being. If your family was recently expanded, you should consider speaking with an experienced estate planning attorney who can help you begin the process of planning your own estate.
Estate Planning Basics
By creating an estate plan, parents can designate a person to act as their child’s guardian and can ensure that assets will be preserved for the child’s use. Estate plans can also be modified over time to account for changes, such as divorce or the birth or adoption of additional children. However, new parents should consider at least having the following documents in their initial estate plan:
Those who fail to create an estate plan, risk leaving the distribution of their estate, as well as the decision of who will raise their children, up to a judge.
Call a Member of our Skokie Estate Planning Team
If you are a new parent and have questions about planning for your child’s future, feel free to call Orlowsky & Wilson, Ltd. Attorneys at Law at 847-325-5559 to schedule a confidential consultation with an experienced estate planning attorney today.