If you are a Florida resident and you recently became a new parent, congratulations. Becoming a parent can be one of the most rewarding experiences you will ever have. It can also come with a learning curve, however, with you and your partner trying frantically to learn how to feed, clothe and care for your baby. With everything you have going on at the moment, it may become hard to focus your attention on other areas of your life, such as on estate planning efforts, but that does not make doing so any less important. At the Law Offices of Frye & Vazquez, P.L., we have a firm understanding of the important estate planning steps new parents should take to protect themselves and their families, and we have helped many clients navigate the process of doing so.
Among the most important estate planning steps you can take as a new parent, per Nerdwallet, is to create a trust, which is a legal agreement that dictates how you want to handle certain affairs and aspects of your life. Establishing a trust and appointing a trustee you want to handle your affairs can help your beneficiaries avoid the often-complicated probate process after you pass on, and it can also prove beneficial when it comes time to pay taxes on your estate.
Another smart estate planning move once you become a parent involves appointing a legal guardian who would care for your child in the event that you pass on or become incapacitated. Doing so should give you some peace of mind simply by knowing your child would remain in good hands in your absence, and it can also help your family and loved ones avoid confusion or court proceedings down the line.
Giving someone you trust power of attorney is also a wise estate planning step for new parents. Giving someone durably power of attorney differs from giving them medical power of attorney, because, rather than make medical decisions on your behalf, this person primarily makes financial ones. Thus, this person will typically have the power to access your bank accounts and the like on your child’s behalf, should you be unable to do so yourself. More about estate planning is available on our web page.