An estate plan is crucial for anyone with a family. Perhaps you had an estate plan in place before even having any children. If you have now added a new member of the family, whether through birth or adoption, here are a few things you should review on your estate plan.
- Adding a trust in the child’s name – You can set up a successor trustee who will be in charge of dispensing the funds for your child should you pass away before they turn 18 (or even after if you don’t want your child to have direct access and control over the funds).
- Naming a legal guardian – You don’t want to think about leaving a minor child behind, but if you and your spouse pass away at the same time, you need to be sure your child is well-cared for. Assigning a legal guardian for your child in the case of your untimely death is certainly a weighty responsibility.
- Consider updating your life insurance policy – Before having children, your life insurance policy may have taken into consideration your burial expenses and perhaps some additional funds to help support your significant other. Now, you need to think about the upbringing of a child. This will likely call for increasing the amount of insurance you have.
Estate Planning Attorneys in San Diego
Petrov Law Firm can help you to keep your estate plan up to date for all of the changes that come your way. Whether you’ve recently added a member of the family or recently moved to California, give us a call today at 619.344.0360 to learn more.Read More