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The basics of estate planning for new parents

On Behalf of | Jun 14, 2022 | Estate Planning

As a new parent, you have a lot of new responsibilities and things to think about in North Carolina. One of the last things on your mind is probably estate planning, but it is something that you should start thinking about. To get started, consider:

Determining the appropriate guardians

If something were to happen to you, it is important to have someone in mind who would be able to take care of your children. If you have more than one child, you will need to decide whether or not you want them to be raised together or separately. You will also need to decide how much money each guardian will receive. A guardian should be someone you trust and who shares your values.

Making a will

A will is a legal document that states how you would like your assets to get distributed after you die. You can also use a will to name a guardian for your children. If you die without a this estate planning document, the state will decide how to distribute your assets and who will care for your children.

Creating a trust

A trust is a legal entity that can hold assets on behalf of your children. This can be helpful in terms of both financial planning and asset protection. You can name a trustee to manage the trust, and you can specify how the assets in the trust are to be used.

If you have minor children, estate planning is one of the most important things you can do for them. By taking the time to create a will and trust, you can ensure that your children are taken care of in the event of your death.