Someone close to you has just had a baby. Congratulations! Maybe you’re now Ohio’s newest grandparent or an uncle, trying to find the perfect gift to welcome the baby to the world.
Instead of a stroller or a stuffed animal, how about helping the new parents create an estate plan?
Young parents of a new baby probably will tell you they are just starting out, don’t have many assets and don’t need to worry about estate planning just yet. That’s exactly when they need to worry about it. Who will take care of that baby if something happened to the parents? How will the children have any financial security? How about a college fund?
Remember this: almost two-thirds of Americans don’t have a will. And if those young parents leave the house for a date night and never return, the courts will be in charge of deciding who will care for that precious baby.
Here’s what every new parent should do when it comes to estate planning.
No new parent wants to think about the “what ifs” of life, but it’s essential to protect their child. An estate planning attorney can explain all the benefits. Creating an estate plan is just another way to protect our children.