For couples that are just starting their family with their first kid, estate planning is very important to do. If something were to happen to you, things will be a lot more complicated because you now have a child in your life. These are 3 essential tools that every new parent needs before it's too late.
There are several important aspects of a will that make it the most crucial estate planning tools to have. In the event of your death, you will need to decide how assets get divided, who will be the executor that handles all your affairs, and who your child's guardian will be. It will give you peace of mind knowing that all these things will be taken care of exactly as you wished, your child will get the assets they deserve, and be taken care of by someone that loves them.
Healthcare Power of Attorney
When a medical emergency occurs unexpectedly, you will not be able to make important decisions. That is why you need to assign someone to make decisions for you in terms of your healthcare. It is important to have a chain of command as to who can make decisions, just in case something happens to both you and your spouse.
Arguments are common when deciding on medical care for a loved, and it's even more important when a child is involved in your life. You want to select someone that can make decisions that are best for everyone involved.
Financial Power of Attorney
Some people prefer to have a different person responsible for financial decisions when they are unable to make them. If you are the one that handles your family's financial affairs, you will need to appoint someone that can make decisions on your behalf during an emergency.
Power of attorney gives someone the ability to make investment decisions, deposit money, and pay your bills. When you have a child that cannot survive on their own because they are too young, it is important that someone in your life that has the ability get them money they need in a time of crisis. These are all important things that may not be handled properly without selecting someone to have financial power of attorney.
If you take the time to meet with an attorney, like those at Vandeventer Black LLP, to handle your estate planning, you will have no worries about any of these matters that can affect your child.