Bringing home your new baby, is a special time. As new parents, you want to make sure that your child is well taken care of. Our vision at The Swenson Law Firm is “to make every person who walks through our door feel better. We do this by replacing ignorance with knowledge and fear with hope”. It can bring peace to have a plan in place for your baby, should anything happen to you. Here are 5 steps:
- Name a guardian. If you pass away while your child is a minor, the first issue to be addressed is who will assume responsibility for your child’s care. If you don’t name a guardian for your child in the will, the courts will determine this for you.
- Name a trusted executor. An executor is tasked with carrying out your wishes. Choosing a trustworthy executor is crucial.
- Coordinate your accounts with your Will. Many accounts allow you to name a beneficiary. When you pass away, the funds go to the beneficiary named on the account, even if your will states otherwise. It’s a good idea to check if there are any inconsistencies.
- A will is not always the right document for your goals. When naming your child as a beneficiary, a will only goes into effect after you die. A trust goes into effect when you choose. An experienced estate planning attorney can advise you on the best option for your family and your circumstances.
- State your Intentions Clearly. A will, trust and other estate planning documents is like an instruction manual for your executor and the courts to follow. Be clear and consistent in your stated intentions. If you are not clear, the courts may need to step in and make a determination.
For a new family, you may decide to begin with a simple will. However, to be fully protected, you probably need more. To learn more about how estate planning documents, such as wills and trusts can help you, schedule a free consultation with our attorney. Contact us today to talk about your options. Our hope is to bring peace to your family.