Creating an estate plan is essential for both younger and older adults, but it is especially critical for new parents. Unfortunately, creating estate planning documents such as wills are often not given a high priority due to insecurity about how to go about the process. A few tips may help new parents, in particular, to embark on this important aspect of life planning in the state of New York.
First, updating beneficiary designations on accounts to reflect the birth or adoption of a new child is essential. Preparing and executing a last will and testament is also an important step in creating a detailed estate plan. Of course, an estate plan may require changes down the road as children start to display their unique personal characteristics and challenges.
For example, many struggles that adults face often begin to surface in the teenage years as well as in the early 20s. These struggles may include, for example, alcohol or drug addiction, mental illness, special needs and even the inability to spend money responsibly. All of these issues can be delicately addressed under the parents’ estate plan.
Creating wills and other estate planning documents may seem morbid and complicated, which is why it is often delayed or is never done at all. However, disability and death can strike at any time and at any age, so being as prepared as possible for the inevitable makes sense. A New York attorney can offer guidance on how to set up a well-structured estate plan that offers long-term protection and peace of mind that an important job has been accomplished.
Source: noblesvillehomepage.com, “Estate Planning for new parents: Part 2“, Rob Hazard, Feb. 6, 2017