Estate planning for young parents
Updated: Sep 27, 2022
Being a new parent can be joyful and intimidating at the same time. After all, when you are the parent of a young child the days are long, and the years are short. You may be so focused in the here-and-now that you do not think of your future, including estate planning. This can be a mistake, as estate planning is just as important for young parents in New York as it is for older adults.
Estate planning for your financial affairs
Most new parents in New York probably know they should have a will, even if they have not created one yet. In a will you can select who you want your assets passed on to upon your death and your child may be one of your natural heirs. In addition, you will want to ensure any beneficiary designations are up to date. Also, you can select a person to serve as financial power of attorney. This person will handle your financial affairs should you become incapacitated.
It is especially important for new parents is to name a guardian for their child in their will along with instructions for how you want your child to be raised. Without a guardian designation, the court will decide who will raise your child should you and your spouse pass away before your child is grown. It is important to discuss guardianship with the person you want to serve as guardian beforehand to ensure they are capable of raising your child should the unthinkable happen.
Estate planning for your medical affairs
A well-rounded estate plan can include a medical power of attorney. This document names a person who will have the authority to make medical decisions on your behalf should you become incapacitated. In addition, you can execute a living will. This document allows you to state what end-of-life care you desire. For example, a living will can state whether you want to be placed on life support if necessary.
As you can see, estate planning is a responsibility new parents should not put off. No one can predict when they will pass away. It is best to prepare for your future with a well-rounded estate plan.