Estate Planning for New Parents

If you are a new parent, you may be missing sleep and staying very busy caring for your new little family member. However, this is not the time to forget about estate planning because your new bundle of joy is depending on you to plan for their future. This article will highlight the top three estate planning priorities for new parents and give resources for more information.

  • Beneficiary designations

Updating your beneficiary designations is often a fast and easy way to get started. This could be your beneficiary for bank accounts, stock accounts, life insurance or any other type of account with a beneficiary. You can often update these online and it’s a quick and easy process.

  •  Guardianship

With a new baby here, you will want to designate who will take care of the baby if both parents pass away. This person will have legal and physical custody or your child and will make any decisions about the care of the child that a parent would make. For more information about guardianship, see https://www.courts.ca.gov/selfhelp-guardianship.htm.

Here are some things you may want to consider when selecting a future guardian for your child/children:

  1. Shared values – you may want someone to rear your child as you would, with your values in mind. This may include a religion, philosophies of life, geographical location and preferences, similar education beliefs, etc.
  2. Financial security – you may want someone who has the financial security to give your children the attention and care that they need.
  3. Longevity – you may want someone who is at an age that they can be an influence in your child’s life for a long time to come, so considerations about age and health may be important here.
  4. Character – you may want to consider the character and habits of the person, for example, if the person you are considering has a long history of addiction or has criminal history, they may not be a good fit for a guardianship role
  •  Advance Healthcare Directive

An advance healthcare directive allows you to give instructions about your healthcare and designate someone to make healthcare decisions for you in the event that you cannot make them for yourself. As a new parent, you now have a child depending on you, so your healthcare preferences become even more of a priority.

To access a healthcare directive form, go to https://oag.ca.gov/sites/all/files/agweb/pdfs/consumers/ProbateCodeAdvancedHealthCareDirectiveForm-fillable.pdf

CONTACT THE LAW OFFICE OF DAVID KNECHT

If you are a new parent who wants an experienced attorney who can help identify and advise on your estate planning needs, contact the Law Office of David Knecht. We have extensive experience with estate planning and can set up a customized plan that’s right for you and your new little one. Contact us at 707-451-4502 for more information.