If you are among the many new parents across Florida, you may find that sleeping schedules, feeding schedules and exhaustion now dominate your day-to-day life. Given all you have going on, it can be easy to let something like estate planning fall to the wayside, but once you become a parent, it becomes even more important that you have your ducks in a row with regard to future plans. At the Day Law Office, we understand the unique estate planning needs faced by new parents, and we have helped many clients in similar positions begin to formulate plans for the future.
Per Nerdwallet, making a comprehensive estate plan early on can save your loved ones considerable time and expense down the line. Doing so can also prevent unnecessary hardship and potential litigation that can arise if you die intestate, or without a will or proper plans in place. So, what kinds of estate planning steps are increasingly essential for new parents?
One step you might be wise to consider taking involves naming a guardian who would care for your child in your absence. If you do not, and something happens to you, the decision lands in the court’s hands, so if you have strong feelings about who would care for your child after your passing, make sure you take this important step.
This is also a good time to name beneficiaries for insurance policies, retirement accounts and the like. Even if you already have beneficiaries listed on such accounts, you may want to change the beneficiaries now that you have a child of your own. You may also want to consider giving someone durable power of attorney over your affairs at this time. This differs from a medical power of attorney in that it gives someone you trust decision-making authority over your affairs if you become unable to make decisions for yourself. More about estate planning is available on our web page.