Young Family Estate Planning
The biggest misconception about estate planning is that it is only for the elderly. The most important asset in your life is, and always will be, your family. An estate plan should be on every new parent’s check list of items to have when a new baby arrives.
Who will raise your children if you’re gone? Without an estate plan in place, the ability to dictate the answer to that question will be out of your hands.
Young family estate plans focus on:
- Establishing Guardians
- Ensuring proper asset succession
- Educational Expense Planning
- Providing Lifetime Support for your most treasured gift
In planning for the arrival of the newest member of your family, parents often forget the vital documents that are needed to protect your new family. A Patient Advocate Designation and a Power of Attorney completed by Mom prior to going into labor are as important as the required pre-registration with the hospital.
New parents and grandparents often rush to establish 529 college savings accounts for the new bundle of joy but forget that a relatively inexpensive and comprehensive estate plan is vital to ensuring your family is protected and provided for.
As an experienced estate planner and new father, attorney Andrew Babnik Jr. has made it this firm’s mission to educate and ensure that young families are prepared with the vital documents necessary to shield your little ones for potential future disasters. If you are a young couple expecting a new addition, have young children already, or know of friends or family members that may fall into these categories, contact Babnik Law today to discuss how we can help you prepare for the future!