If you have recently become a parent, it is critically important that you either revisit your existing estate plan or you construct a new estate plan if you don’t already have one in place. Why should estate planning be at the forefront of every new parent’s mind? Without an accurate, current, comprehensive, and properly drafted estate plan in place, you risk leaving your assets, your end-of-life care, and even the guardianship of your child to a court’s discretion in the event that you become incapacitated by illness or injury or you pass away.
Courts don’t have the power to read minds. Neither do your loved ones. As a result, it is up to you and (if applicable) your child’s other parent to ensure that your affairs are both in order and are kept up to date at all times.
If You Have an Existing Estate Plan
As an experienced Roseville, CA estate planning lawyer – including those who practice at Yee Law Group, PC – can confirm, estate plans function as living documents. This means that, with very few exceptions, the documents that you draft now as a part of your estate plan can be updated, modified, and even replaced as often as your needs, priorities, and life circumstances require.
If you have an estate plan in place, you’ll almost certainly need to formally update its contents now that you’re a new parent. An experienced attorney can help you to make changes in ways that the law will recognize as legally enforceable. You may need to name your child as a beneficiary of your property and various assets, name a guardian in the event of your unexpected death, and otherwise ensure that your existing paperwork is up to date. If you haven’t drafted all the estate planning documents that you’ll need to have a comprehensive plan in place—including power of attorney and advance healthcare directive documents—now is the time to fill in these gaps in your plan.
If You’ve Never Drafted an Estate Plan
Hopefully, you will live a long, healthy life watching your new little one grow. But if that is not to be, you need to have an estate plan in place in order to make sure that your child is taken care of in the event that you’re no longer in a position to ensure their wellbeing. Drafting an estate plan can be stressful. But leaving the Earth knowing that you haven’t provided for your child’s care? Contact a local lawyer to begin drafting a comprehensive, legally enforceable estate plan today.