New Parents’ Essential Guide to Wills and Estate Planning
Being a new parent is an experience unlike any other. For many parents, it can be both a wonderful and daunting experience. On the one hand, there is the immense joy of having a new bundle of joy in their lives and the immense pride of watching their child grow and develop. On the other hand, the fear and uncertainty come with the responsibility of being a parent.
The first few weeks and months of being a new parent can be overwhelming. From learning how to feed, bathe, and take care of your baby to getting used to the lack of sleep and constant demands on your time and energy, it can be challenging. It is important to remember that feeling overwhelmed and taking time for yourself is normal.
In addition to the practical demands of being a new parent, there is also the emotional aspect.
One of the many things that new parents must think about are wills and estate planning, as these are essential parts of their responsibilities. In this article, let’s explore what every new parent should know about them. Here’s what you need to know:
The Importance of Having a Will and Estate Plan
For new parents, estate planning is important in ensuring a secure future for their children. Wills and estate planning provide a way for parents to decide their children’s future if something happens to them.
Parents may have different reasons for wanting to create a will and estate plan. For some, it’s a way to protect their children’s financial future after death. For others, it’s a way to provide for their children’s needs if something happens to them.
How to Get Started
When creating a will and estate plan for new parents, several necessary steps should be taken.
First and foremost, parents should create a will that outlines how they want their assets to be distributed after their death.
This will should include details about how their assets will be used to provide for their children.
Additionally, parents should consider setting up a trust to provide financial support for their children in the event of their death.
Essential Things to Do
Parents should also consider creating an advance directive, which is a document that outlines their medical wishes in the event that they become incapacitated. An advance directive should include details about how their medical care and decisions should be handled if they cannot make decisions on their own.
In addition to creating a will and estate plan, parents should consider setting up guardianship for their children. This is especially important for parents who have young children, as it ensures that the child will be taken care of if something happens to their parents. Parents can set up guardianship through the courts or an attorney.
Finally, parents should consider setting up an estate plan for their children. This involves creating an estate plan that outlines how their assets should be distributed after their death and how their children will be taken care of in the event of their death. The estate plan should include details about how their assets will be used to provide for their children and who will be the guardian of their children in the event of their death.
The Bottom Line:
Creating a will and estate plan for new parents is essential in ensuring their children’s secure future. By creating a will and estate plan, parents can ensure that their children’s needs are taken care of in the event of their death. So take some time to get your estate planning in order—it could be one of the best gifts you ever give to your family.
If you are looking for an experienced and reliable estate lawyer, we can help you. Ontario Wills & Estate Plans is a law firm based in Ontario that serves Canada. Our services are available through video conferencing. Get quality legal advice from the best Ontario lawyers. Contact us today to learn more about our services!