How Becoming a Parent Should Change Your Estate Plan
You may already have an estate plan in place, which is a good way to show your mate you want to care for their future. However, having children should result in changes to your estate plan. Here are a few of the reasons.
- Preparing for the possible need for a legal guardian – When holding your newborn, you probably aren’t thinking about where they would be if you and your spouse were suddenly gone. However, every parent should prepare for legal guardianship of their child in the event of a tragedy.
- Set up a trust for dispensing inheritance – For everything from college tuition to buying a house for the first time to getting married, you want to set aside funds for the big events in your child’s life. A trust can allow you to set aside assets that your child will be able to use in the future, whether or not you are there to provide support in person.
- Increase your life insurance – When it was just you and your mate, you may not have felt the need to carry a large policy. However, if something happens to you now, you want to be sure to have a large enough life insurance policy to support a single parent. This may mean increasing your life insurance policy, especially if you provide the family’s main income.
California Estate Planning Attorneys
Petrov Law Firm can help you to update your existing estate plan or to develop a new one from scratch. Call our San Diego office at 619.344.0360 today to get started.