The arrival of a new child is at the pinnacle of life’s greatest joys for a Georgia couple. While no one wants to detract from the moment by contemplating ‘what if” scenarios, this is precisely the time to address such situations in an estate plan. There is no greater responsibility than being a parent, and an early lesson to learn and pass on to children is to be proactive.
Personal financial planners point out ways to provide as much protection to one’s family no matter what occurs. For example, life insurance is a relatively affordable way to get some financial security. Life insurance policies can name an individual or multiple beneficiaries, or the proceeds can be distributed to a living trust previously established or created upon the death of the parent.
With children under 18, it is essential to name a guardian. This can be done as part of the parent’s will. If the newborn is not the first child and some form of estate plan already exists, it is important to update the will or trust to reflect the new addition. Even if children have reached the age of majority, it may be desirous to distribute their inheritance over a period of time or triggered by some future event, such as marriage or graduating from college. A trust can accomplish this and many other specific purposes.
Any significant life change should be cause to update one’s estate plan. An experienced estate planning lawyer can provide counsel and guidance on ways to best protect one’s family.