Updates to Your Estate Plan When You Become a Parent
If you already have an estate plan in place before becoming a first-time parent, you are ahead of many other families. However, adding a family member is a major life change that requires an update to your estate plan. Especially when you become a first-time parent, whether the child is newborn or adopted, you need to think about the following scenarios:
- Planning ahead for legal guardianship – As long as your child is still a minor, you need to have plans in place for legal guardianship should an untimely accident befall you and your mate simultaneously.
- Setting up a trust – If something does happen to both parents of a child, just having a will is not sufficient. You want a trust in place that will protect the estate until your child reaches legal age. Be sure to choose a trustworthy successor trustee who will protect the estate for your child.
- Review life insurance policies – You may decide that you now need to carry more life insurance. This will ensure that your mate and child do not experience hardship if something should happen to you, especially if you are the family’s primary breadwinner.
Updating Your California Estate Plan
Any major change in life circumstances should result in a review of your estate plan. If you are now living in southern California, Petrov Law Firm can help you to update your plan in accord with state regulations. Give us a call today at 619.344.0360 to get started with an experienced estate planning attorney.