Wills and Trusts Guide for Expecting Parents and New Parents

Becoming a parent is a life-altering experience that comes with many new responsibilities and challenges. It is also an essential time to consider the well-being of your child in case the unexpected happens. Estate planning for new parents is a crucial step in ensuring your child’s financial and personal needs are taken care of. Here are some of the top estate planning considerations that parents need to make when they have minor children.

What Is Estate Planning?

Estate planning is a documentation process that involves preparing for the management and distribution of your assets in the event of your passing or incapacitation. While it’s often associated with the distribution of assets at the end of life, it is equally critical for parents to consider their child’s well-being and care. This is especially true for parents of minor children.

Estate Planning for New Parents

For new parents, estate planning takes on a particular significance. You want to make sure that your child is protected, financially secure, and raised by the right guardian if something happens to you and your spouse. Key roles of estate planning for new parents include:

• Protecting Your Child’s Inheritance: By creating a comprehensive estate plan, you can ensure that your child inherits your assets responsibly and that they are financially secure.
• Nominating a Guardian: Selecting a legal guardian is one of the most critical aspects of estate planning for new parents.
• Providing Financial Security: Estate planning allows you to set up financial mechanisms, such as trusts, to ensure that your child’s financial needs are met.
• Avoiding Probate: A well-structured estate plan can help your family avoid the lengthy and expensive probate process, ensuring a smoother transition of assets.

Life Events and Changes

Major life events, such as marriage, divorce, birth, or death, can significantly impact your estate plan. When these events occur, it’s essential to revisit your plan and make any necessary adjustments.

As your child grows, their relationships with potential guardians may also change. It’s crucial to consider these dynamics and whether they affect your initial choice of guardian.

Changes in your financial situation may also necessitate updates to your estate plan. This can include modifying the way your assets are managed and distributed to ensure your child’s financial security.

Oklahoma Wills and Trusts Attorneys

Our firm caters to new and expecting parents by making the estate planning process easy. We start with a conversation about goals and family details, create a plan that accomplishes your goals and protects your loved ones, then have a quick and legally binding signing either at our office or in your home.

We specifically work with busy families that have minor children. Typically, state law only requires one in-person appointment to execute the documents at the conclusion of the planning process, although most clients still want an initial meeting face-to-face. Our attorneys are flexible and willing to engage with your family in whatever manner makes you most comfortable, whether in-person, over the phone, or video conference.

Contact Avenue Legal Group by phone, text, email, or website submission to begin the conversation about protecting your family.