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How important is estate planning for new parents?

If you recently welcomed a new child into your Washington family, your days undoubtedly are pretty full right now. Not surprisingly, estate planning probably is the last thing on your mind.

Kiplinger advises, however, that you should not overlook this crucial aspect on new parenthood. After all, you have a new little one to love, cherish, provide for and protect. A good estate plan can help you do all of these.

Estate planning considerations

Your estate plan can be as simple or extensive as you want it to be and as fits your own particular situation, needs and desires. You should, nevertheless, consider the following possible aspects of it:

  • Last wills and testaments for both you and your spouse that, among all their other provisions, specifically set out who you want to become the guardian of your minor child should both of you die in a mutual accident or catastrophe
  • A living trust complete with the proper beneficiary and trustee designations
  • A special needs trust if your child suffers from a disability that names him or her as its beneficiary and yourself as its trustee, plus a successor trustee to take over management of the trust in the event you become unable to continue carrying out these responsibilities
  • A college tuition plan to which you will contribute over time so that sufficient funds will be available to provide your child with higher education

Keep in mind that while trusts and tuition plans require that you initially place some assets into them, these do not need to be exorbitant amounts. For very little money you can purchase life insurance policies on yourself and your spouse that name the trusts or plans as beneficiaries. In this way, the life insurance proceeds will go directly into them more or less immediately after your death.

This is general educational information and not intended to provide legal advice.

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To speak with an attorney at Gellner Law Group about estate planning, probate, trusts, wills or tax controversy, contact our law office in Kent, Washington, today. You can call 425-336-2908 or send us an email. We provide representation across the entire Seattle-Tacoma metropolitan area.

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