The birth of a child is an exciting time for a California family, and there are certain things the parents will want to do to protect their baby's future. One of these things is making sure they have both legal and financial protections in place in case of the unexpected. Estate planning is a smart way to make sure the future is secure for their new baby and other members of the family.
It's never easy to consider what will happen if a parent dies or becomes disabled at some point in the future, but it's prudent to plan for these possibilities. Without certain plans in place, state laws will determine what happens to an estate, and it can be uncertain regarding who will care for the child. In an estate plan, a parent can name who they want to care for their child and set aside money for his or her care through a trust.
New parents may also want to consider executing a power of attorney and advance medical directives. These two things allow more control over medical decisions and health care in case of incapacitation. Parents can make sure they have a say in what will happen to them, giving both of them peace of mind for the future.
Estate planning is important, but it can be especially important for new California parents. The birth of a new child is a good opportunity to review plans or put new protections in place. A review of the individual situation can identify what estate planning steps are most appropriate and necessary.