Estate Planning for New Parents

If you recently brought home a new baby home, you may be up all night for the seemingly never-ending feedings, or it could be anxiety over what would happen to that baby (and any siblings) in the event you and their other parent die that keeps you up. Attorney Kaitlin Wildoner and Wildoner Law, PLLC can help! Kaitlin has brought two new babies home (she and her husband are proud parents to two little girls) and knows that middle-of-the-night anxiety all too well.

One thing that can help quiet some of that anxiety is doing a proper estate plan. You don’t want to use one of the online services to create your estate plan because, frankly, you don’t know what you don’t know. Those services don’t educate you on the ramifications of certain choices or help you understand what considerations you should make. When it comes to your children and caring for them, it is important that your estate plan and all included documents are done correctly.

Last Will and Testaments for New Parents

With minor children, an important piece of your estate plan is a last will and testament that outlines the distribution of your assets upon your death. While most parents want their assets to go to their child(ren), and while your child(ren) are generally the ones to inherit any of your assets through Florida law, if you do not have a will (or as discussed below, a trust), this can get complicated. Minor children cannot often own assets – or know how to use them to their benefit!

This means that you will need to make specific provisions to ensure someone you trust will manage those assets for the benefit of your children as long as they are minors. This can be a trusted family member or friend. Who you choose for this role can have significant ramifications, so this is something we discuss during our planning meeting.

Trusts for New Parents

As alluded to above, a revocable living trust can be beneficial to new parents. Generally, we execute a living trust in addition to a will. A trust allows you to put some (or all) of your assets into it and upon your death, a successor trustee will manage those trust assets. This will ensure that your child(ren) (or whomever you choose as beneficiary) are entitled to the benefits of the trust.

By executing (and funding!) a revocable living trust as part of your estate plan, you can avoid the delay that often happens with probate. This will help reduce (or altogether eliminate) the gap in access to resources for your child(ren).

Health Care Surrogate for New Parents

Another important estate planning document for new parents is the health care surrogate. By appointing a health care surrogate, you allow a spouse, trusted friend or family member to act on your behalf with respect to medical matters if you are otherwise unable to do so.

Jacksonville Estate Planning Attorney

The above list is not exhaustive, but it highlights some of the reasons new parents need to consider estate planning. If you are in Florida and are interested in discussing whether a will or trust is right for you, contact us today. If you are ready to get started on your Florida estate plan, you can do so here.