New Baby? Time to Update Your Estate Plan

We often have clients ask us when the best time to do their estate plan is and the answer is usually, right now! This is especially true for people turning 18 years old, people who don’t have a plan, and people who have had a recent life change.

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One event that should trigger you to meet with an estate planning attorney is a new baby. When you are expanding your family, that comes with a lot of changes and responsibilities.

Once you have children, you need to consider a variety of things you’ve never had to think about previously.

Some of these include: 

  1. Who would you want to take care of your child if something were to happen to the parents?
  2. Do you have life insurance that will help offset costs of raising your child or that can provide for your child?
  3. Is your life insurance through work? Is it sufficient?
  4. Do you need disability insurance? What if something were to happen to you physically – could you still provide for your child?
  5. Finally, it is essential to think about your incapacity and your assets.

We often help our clients walk through these questions and decisions and provide them guidance as we draft their documents.

Many other life events will also result in changes to your estate plan. If you experience any changes to your circumstances, family dynamics, etc., it’s always a good idea to meet with your estate planning lawyer.

If you need help, contact us today.

Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.   

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