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BabyFor many, estate planning is almost always on the back burner.  The reasons why are different: not enough time, feeling you are “too poor,” too busy with other life goals, not wanting to think about something bad happening to you, or many other reasons.  However, estate planning is an essential part of life no matter what, and if you recently had a newborn baby, now is an excellent time, even an essential time, to create a plan.

In summary, an estate plan is legal documents that allow you to say what you want to have happen to your assets if something should happen to you, whether mental incapacity or death.  Many think that they can create an estate plan on their own, which is technically true, but the chances of a mistake is incredibly high, and that mistake will not be found until you either work with an attorney or something bad happens.  Protecting your family is incredibly more important than saving money, so you should work with an attorney to create the plan.  Here is how a plan helps you after having a new baby.

Protect Your New Baby and Children

One of the biggest reasons for creating an estate plan when you have a new baby is to nominate your baby’s guardian.  Your guardian steps into your shoes to take care of your children if you are ever unable to do so.  When you name a guardian, you want to name someone who shares your values, parenting style, and ultimately, someone you trust to raise your kids.

Distribute Your Things

Most assets are financial assets: home, bank accounts, 401(k), etc.  Others are emotional assets, like heirloom jewelry, photos, and other property.  An estate plan can help make the process of giving your property to your loved ones in an efficient way that promotes family harmony and prevents strife.  You can use many strategies, whether they be a will, a trust, or another options.  You can use your estate plan to express your values to your descendants and find a way to encourage your children to make positive decisions in their life and develop those values that matter to you.

Provide for Your Loved Ones

One important part of an estate plan is say how you want to be taken care of if you are ever unable to make medical or financial decisions.  These are incredibly important decisions that you want to decide beforehand, so you can be taken care of how you want.  This can help create peace of mind for everyone and everyone can be on the same page.

Find an Estate Planning Attorney

If a big life event has recently happened, you should talk with an estate planning attorney about your options and what best matches your wishes.  If you already have an estate plan, you should still talk with your attorney to see if you need to update your plan.  It is imperative that your estate plan reflects your wishes and is up-to-date with your life situation.  Contact The Rains Law Firm or schedule a complimentary initial meeting to take care of your family.