Weinstein & Randisi
Phone:585-310-1578
Toll free:800-768-1780

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Do new parents need an estate plan?

If you've recently brought a new bundle of joy home, we know you have a lot on your plate. From feeding and sleeping schedules to choosing the toys that best bring out your growing baby's curiosity and development, simply supplying your little one can be an enormous feat! We don't want to add another to-do item to your sleep-deprived schedule, but legal estate planning is an important step for new parents.

You might think you don't need a will or other estate document because you don't have many assets to pass on, but there are other reasons to create estate plans. One of the foremost reasons young parents might want to create such plans is to ensure care for their children that is in keeping with their wishes. If something happened to both parents, what would happen to your child?

An estate plan can include documents that set up a guardianship for your child. This means that your child will be loved and cared for by a person or persons that you select -- rather than a person selected by the courts. Definitely talk with anyone you are considering as a guardian, but put your wishes in formal writing via estate planning documents, too.

Other considerations new parents might want to take include life insurance and beneficiary designations. You can name your minor child as a beneficiary, especially if you create a trust that the life insurance pays to. That trust should be administrated by someone you trust, who can ensure your minor child receives the financial support required throughout the years.

It's a scary thing to consider, but a very real concern for parents. Luckily, you don't have to worry about dotting the legal Is and crossing the Ts in a baby-brain state when you work with a professional estate planning lawyer on your documents.

Source: Program for Early Parent Support, "There are a lot of firsts in life: 6 Estate Planning Tips for Families," accessed Feb. 05, 2016

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Weinstein & Randisi
290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
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