Estate Planning for New Parents
Updated: Sep 1, 2021
While there is no greater joy than having children, the responsibility is real. For new parents, that responsibility can overwhelm the feelings of excitement and joy for their new child.
Thinking about the worst case scenario isn’t fun, but part of being a good parent is protecting your children in every way, including in the event you can’t care for them yourself.
Having an estate plan could ensure that your children would receive the necessary care in the unfortunate event that the parents cannot provide it. The parents can create a will that names the guardian for their children and, in Maryland, a standby guardianship form can name a temporary guardian for your child should the parents become incapacitated. It is wise to buy life insurance to provide financial support to your children in the event you can’t. Another tool is including in your will a trust for the benefit of your children that is enacted only when the will is called upon.
Responsible parents with children are wise to plan ahead so they can enjoy their lives knowing their children will be cared for and by whom if anything happens to them.
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