If you are having a baby, be sure to talk with an estate planning lawyer. Having a child means you are now responsible for someone else’s future. Your child is depending upon you and you need to be prepared to provide for your child’s needs. You need to have a contingency plan so your child is provided for if something happens to you and you aren’t there to offer care.
Parman & Easterday helps new parents make smart use of legal tools to protect their children. Whether you are having your first baby or adding another child to your family, you need to make certain you have planned for the financial implications.
You need to have an appropriate plan should something happen to both parents. Call us to learn about ways our legal team can assist you in making sure your child is as secure and protected as possible.
Why Talk with an Estate Planning Lawyer When Having a Baby?
There are several reasons why it is important to talk to an estate planning lawyer when having a child. One of the most important is to get financial advice. An attorney can explain the types of accounts, such as 529 savings plans, that allow you to put aside money for your child’s future. Your estate planning lawyer will also assist you in exploring different asset protection tools you can use so your child’s college fund or inheritance is not in jeopardy during your lifetime or after you pass away.
Your estate planning lawyer can also assist you in ensuring an appropriate guardian is selected to care for your child. If you pass away and the child’s other parent survives, the other parent automatically has custody and cares for the child…in most situations. This is not the case if the other parent is unfit or has had parental rights terminated.
If the other parent cannot care for the child, you must make sure someone else can. You also need to plan ahead in case both parents are gone. This is important for married and partnered couples who might pass away while together, such as in an auto accident.
If you do not have a plan that says who is to be your child’s guardian, family members could end up in a custody fight after you are gone. Worse, your child could end up being cared for by a family member other than the person you would have selected to take care of the child.
Choosing who will raise your child if something happens to you is not a decision to be taken lightly or left to chance. As soon as you have a baby, you should talk with an experienced attorney about how to name a guardian so your son or daughter will be raised by someone you trust.
Finally, you want to make sure your child will be financially provided for if something happens to you. Your estate planning lawyer will advise you on appropriate insurance coverage so money is available for your child’s care if something happens to you. And leaving an inheritance to a child is tricky because underaged children cannot inherit directly and you may not want your child to receive this inheritance upon turning 18.
You can use trusts and other tools to name an appropriate person who will have a fiduciary duty to manage any inheritance you leave your child according to the conditions and requirements you set for when and how the money should be used.
Getting Help from A Oklahoma City Estate Planning Lawyer
Parman & Easterday has provided assistance to many parents of new babies in making plans to protect their new child. Let us put our legal knowledge to work for you. Join us for a free seminar to find out what is involved in making an estate plan for those with a new baby. Give us a call today at (405) 843-6100 or contact us online to get personalized advice on creating a plan that works.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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