Starting a Family? 4 Key Estate Planning Decisions to Consider
August 2, 2019
Getting married and having your first child is an exciting time, but it also requires some very important decisions to be made. Considering issues such as death and disability may seem far removed, but proactive planning allows you peace of mind.
4 Key Decisions You Need to Make:
Choosean executor or trustee, and if you designate your spouse, also choose asuccessor in the case your spouse is not able to serve. This should be someoneyou trust to handle your financial affairs.
Choosea guardian for your child(ren). Thisperson will become the legal guardian (as long as the court approves it as inthe best interests) should both parents die or become incapacitated. You shouldconsult with the person to ensure they would be willing to take on such a hugeresponsibility and choose someone with all the resources necessary to providethe lifestyle you would want for your child(ren) in this situation. Also designateeither this person or someone else to manage the inheritance your child(ren)receives.
Reviewyour life insurance policies. Make sure you have a policy in place that isadequate to cover funeral costs, debts and replacement of your income.
Considerthe consequences of you becoming disabled and make sure you have a Power ofAttorney to cover your financial affairs and a Health Care Power of Attorney todeal with your medical and health issues. Review your disability insurancepolicies to make sure the income replacement is sufficient for your family’sneeds.
Be sure to review your documents periodically with your estate planning attorney. For more information, consult Stouffer Legal at 443-470-3599 in the Baltimore area.
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We are a local Estate Planning firm helping Maryland families plan ahead before a crisis happens. Creating Wills and Trusts by learning your unique story. A sound Estate Plan helps to protect and preserve assets during disability, incapacity, and at death. It may also minimize tax exposure and encourages families to plan inheritance during life and outside of the courts.