New Parent? Estate Planning Tasks In Tampa To Do Right Away

The birth of a child is one of the most wonderful life events. In the midst of diaper changing and midnight feedings, it is easy to overlook certain things. One area that is important to address is  estate. Our Tampa estate planning attorney highlights a few of the tasks that can help protect your new family.

Take Time To Create A Will

Estate planning helps to protect your assets and makes sure your loved ones are provided for in case of the unexpected. One of the most basic estate planning tasks involves creating a will. This dictates your final wishes, designates beneficiaries, and can help avoid costly probate proceedings.

If you are a new parent and do not have a will, you are not alone. Experian reports that less than 20 percent of people under the age of 40 have a will. Our Tampa estate planning attorney recommends making this the first task you address. Actions you will need to take in creating a will include:

• Designating a personal representative: While you may automatically want your spouse to fill this role, consider whether they have the time, energy, and skill needed to negotiate proceedings in the probate court.
• Creating an inventory of all property and assets: Include homes, cars, household belongings, money in financial accounts, online assets, and retirement benefits. Make a list of all outstanding debts as well.
• Considering beneficiaries: While your spouse may be the obvious person to inherit from your estate, consider whether you want to leave anything to other relatives, friends, or non-profits.

Other Important Estate Planning Tasks For New Parents

In addition to creating a will, Kiplinger advises that new parents should consider addressing these other important estate planning tasks:

• Create a living will: Otherwise known as health care directives, these detail the type of care you would want if you are incapacitated or suffer a potentially life-threatening condition.
• Name a guardian: You may be counting on your spouse to take care of your little one if anything happened to you, but what if they were unable to? Consider naming someone to act as a guardian, to take over in the event something happened to both you and the other parent.
• Create a trust: A trust helps to avoid potentially costly and time-consuming probate court proceedings and allows for detailed distributions to beneficiaries, which can be extremely important if you have young children.

We would also suggest investing in life insurance, making sure property is titled properly, and designating all bank accounts as payable on death, which allows easy access and prevents funds from having to go through probate prior to being distributed.

Consult With Our Tampa Estate Planning Attorney

Being a new parent is exciting but often brings up important issues pertaining to your family’s security. To ensure your loved ones are provided for, reach out to Strategic Counsel Law Group, L.C. We provide trusted legal guidance in estate planning and asset protection. To request a consultation with our Tampa estate planning attorney, call or contact us online today.

Sources:

experian.com/blogs/ask-experian/how-to-estate-plan-for-new-parents/

kiplinger.com/article/retirement/t021-c032-s015-estate-planning-101-5-lessons-for-new-parents.html