After experiencing the joy of welcoming a child into the family, parents may wish to take every possible measure to safeguard the needs of their child. While the estate planning process might offer various tools to help new parents achieve such goals, knowing the best path to take can seem a daunting task. Seeking advice on the benefits of updating estate planning goals as a new parent could help individuals in Louisiana better prepare to make informed decisions about their options.
Topics to address
Studies indicate that there may be numerous potential benefits to creating an estate plan or updating a plan after welcoming a child into the family. One topic to address might involve evaluating one’s wishes regarding what a person wants to happen to his or her assets upon death and new parents may wish to include their child in beneficiary designations. The ability to choose someone to act as a guardian for the child may also provide much-needed peace of mind in knowing someone will be there to care for one’s kid in the event of an untimely death.
Estate planning may also offer a person with the ability to choose someone to act as executor of the estate. This option may provide a person with much-needed insight on how to choose a representative that will act in accordance with his or her wishes and preferences. One may also be able to implement measures to provide for the needs of the child through every stage of life via options such as trusts.
Advice in the process
While estate planning may offer various benefits to new parents, individuals in Louisiana who welcome a new child into the family might need guidance in navigating the process. Those who wish to include their kids in their estate planning goals but remain uncertain about their available options might choose to consult with legal counsel for advice through every stage of the process. An attorney can evaluate all a client’s questions and needs and assist in creating a plan or updating an existing plan to include his or her new wishes and preferences.