There are certain life events that tend to make people think about drafting an estate plan. One of them is when they have their first child. This changes their life dramatically. If you’re in this position, you may be wondering if it is time for you to make a plan.
On the other hand, you may be concerned that drafting an estate plan so early in life is problematic. Won’t the plan become outdated? What if you have more children in the future? Plus, you assume that you have a lot longer to make that plan, so what is the rush?
Drafting and updating
One key thing to keep in mind is that you can always draft your estate plan today and update it in the future. If you have other children, you can add them in as beneficiaries to your will. Nothing that you do today has to stand forever or be written in stone. You can always make alterations, so it’s best to have a plan in place as early as possible. You never know exactly how long you have, even if you assume you still have decades.
Another thing to remember is that estate planning is about more than just giving assets to your child or the next generation. You may also want to use it to do things like setting up a trust to hold those assets or creating a potential guardianship so that you know who will take care of your child if you pass away unexpectedly. There are many benefits that new parents will see with estate planning.
If you’re interested in getting started with this process today, take the time to carefully look into the necessary legal steps.
