Estate planning is important for new parents. We recommend that all parents of minor children have a properly executed estate plan in place.

As a new parent, you’re focused on your new baby and with so many things to do, estate planning for new parents is easy to dismiss. You may have already charted the course of your child’s life, but have you considered what could happen if you can’t be there for your child?

New parents may feel uncomfortable at the thought of not being around for their little one or not being able to care for them. Despite the difficulties, don’t put off this essential step in safeguarding your child’s future. We recommend that all parents of minor children have a properly executed estate plan. Estate planning is important for new parents because, without a plan, a judge may step in to make decisions that aren't necessarily what you would want. The right time to think about estate planning, if possible, is now, while you still can.

You may wonder how to set up your estate plan. Whether you choose a Will or a Revocable Living Trust, these tools outline how you want your child (or children) to be cared for and how to distribute your assets upon your death. We can help you consider which documents suit your situation.

Among the issues to think about in your estate planning are:

GUARDIANSHIP – In case something happens to both you and the other parent, you should choose a guardian to raise your child. The guardian will care for and support your child and make all necessary legal, medical, and educational decisions. Ideally, they will have good character and share your values and parenting style.

INHERITANCES – By creating a Trust to hold your child's inheritance, you can control what your child will receive and when. Typically, without a Trust, this will happen when a child turns 18, but you may want to choose a different age when you think your child may be mature and financially responsible enough to handle an inheritance. If you will use a Trust, you can appoint a Trustee — the guardian or another person — to manage your your child's assets while your child is underage.

YOUR AGENT AND ATTORNEY-IN-FACT – A Durable Power of Attorney lets you name who you want to act on your behalf — often in financial matters — in case you become incapable of doing so. Similarly, a Health Care Power of Attorney designates someone to make medical decisions for you if you can’t do so yourself. When you pass away, a Power of Attorney is no longer in effect. But your Personal Representative, if you have a Will, or your Trustee (as outlined in a Revocable Living Trust) will represent you on behalf of your estate.

FUNERAL ARRANGEMENTS – You can specify your final wishes. If you don’t, a court could assign the duty to your next-of-kin.

When you consider a guardian or an agent, the person should be willing, healthy, trustworthy, and capable of handling the responsibility. Talk to your top choices to find out how they feel about taking on these roles before you put your desires in writing.

Once you’ve planned for your estate, you and your family will be on the way to a more secure future.

New parents are often busy. You don’t have to plan for your estate yourself. Let us advise you on the right course to take. To discuss your needs, contact us at253.858.5434 today. We represent clients throughout Washington and Idaho and are available to meet in person, by phone, or via video conference.