As expecting parents your to-do list consists of buying baby clothes, preparing the nursery, preparing for a lack of sleep, and maybe far down the list is estate planning. You may not understand what estate planning is, and that is OK. At the Law Offices of Nicholas J Del Pizzo we are here to help new parents understand the key aspects of estate planning, and what you should be outlining in your estate plan. Recognize that an estate plan is a great gift for your family because it provides them with security & stability moving forward. Here are our helpful advice on estate planning for new parents.
- Prepare a will: New parents must consider who the legal guardians of your children will be in the case of your death. Think about who would be in charge of raising your children if you died, before they reached adulthood. A will can also handle many of the financial logistics such as naming financial guardians for your children, and who will be in charge of the money that is left behind.
- Get a Life Insurance Policy: Life insurance ensures that your family and your children are protected financially if you were to die. Having a life insurance policy is a safety blanket for your financial situation moving forward.
- Designate Your Beneficiaries: By naming your beneficiaries you are establishing who will inherit your savings after you pass. This is important because whoever you name, will also take precedence over your will.
- Establish a health care power of attorney: A health care power of attorney allows you to appoint someone to make medical decisions for you in case you are unable to make them for yourself. Often times this person is your spouse or partner, but it could also be a parent, sibling, friend, or someone else you trust to make these types of decisions.
- Establish Financial Power of Attorney: A financial power of attorney appoints someone to make financial decisions for you in case you are unable to make them for yourself. Again this person can be your spouse or partner, a parent, sibling, friend, or someone else you trust to make these types of decisions.
- Draft a living will: A living will dictates what will happen ahead of time for what we call your end-of-life decisions. A morbid topic, but a living will ensures that decisions are made how you would want, and takes the pressure off of your family members, and remove the burden of making these tough decisions.
How The Law Offices of Nicholas J Del Pizzo can help
At our law office, we help our clients prepare wills, living wills, and various types of trusts. Estate planning can give you peace of mind that your assets will be going to the people of your choice, not assigned to them based on a judge’s decision. To learn more about how we can help you with your estate planning and living trusts please contact our office today.