Estate planning for new parents

| May 3, 2021 | Estate Planning |

Becoming a parent for the first time is an exciting, and sometimes nerve-wracking, experience. Between readying the nursery and going to doctor appointments, new parents in Tucson may want to consider another responsibility: estate planning.

Young parents may want to execute a will

Estate planning may seem like something that you will only have to worry about later in life. You may have few assets as a young adult, and thus may think that you really do not have much to pass on to an heir anyways. However, no one is guaranteed a long-life — not even new parents. It is important to be prepared by executing a will.

A will can cover who is to receive your assets should you die, but more importantly for new parents, you can name a guardian in your will who will raise your child should you and the child’s other parent pass away before your child is grown. These decisions may be uncomfortable to make, but without a will inheritance and guardianship decisions will be made by a judge, and the results may not be what you would have preferred.

Other estate planning documents young parents should consider

In addition to a will, there are other estate planning documents young parents may want to consider. One of these is executing a living will. In this document, you can decide what kind of end-of-life care you want to receive should you become seriously ill or injured. In addition, young parents may also want to execute a health care power of attorney and a financial power of attorney. These documents state who is to make health care decisions and manage your finances should you become incapacitated and are unable to make these decisions on your own. It is possible to choose one person to fulfill these roles, or you could choose two separate people to fulfill these roles. These documents can help ease the stress your loved ones may feel if you are incapacitated or dying, as they will not have to guess as to what your wishes would be.

Learn more about estate planning in Tucson

Ultimately, estate planning is not just for the old. A major life milestone, such as the birth of a child, is a good time to execute an estate plan or review and revise an existing one. This post is for educational purposes only and does not contain legal advice. Our firm’s website on estate planning may be of use to new parents who want to learn more about this topic.