Estate Planning For Growing Families

Having a child means big changes to your life whether you expected the addition to your family or not. Of course, if you weren’t expecting a child, you may not have been thinking about the ways that having one might impact your estate plan. For example, you’ll want to create or update a will or trust to ensure that your child has a guardian or can retain access to your Louisiana home if anything happens to you.

Creating or changing estate plan documents

As a general rule, creating an estate planning document is as easy as filling in a template and having it signed by two or more witnesses. However, you may want to create custom documents tailored to your needs and to specific state statutes.

Updating existing documents may be as easy as adding text and initialing the changes. If you need to make major changes to a will or trust, it may be best to simply revoke the existing documents and replace them with new ones.

Other considerations to make

A minor cannot be a beneficiary of a life insurance policy or receive other assets directly. However, you can place assets in a trust or name a custodian to manage items on your child’s behalf until reaching the age of majority. If the child’s other parent is still alive and has retained rights to the child, that person could be named as the person who will oversee the transfer of assets.

Even if your child was an unexpected addition to your family, you’ll be expected to provide for their care even if you are incapacitated or pass before the child reaches the age of majority. This means ensuring that the new baby has access to housing and other resources needed to grow into a productive adult.