The Main Reasons Why New Parents Need An Estate Plan
On the day your child comes into this world, the truth dawns upon you: safeguarding their well-being becomes your utmost concern. Life's nature leaves you with a gnawing uncertainty. While you have clear intentions for nurturing your child, the nagging question persists: What if unforeseen circumstances prevent you from always being by their side? It's a topic no one wishes to contemplate, but perhaps it's prudent to establish a contingency plan. At its core, estate planning serves as a shield for your loved ones, ensuring that they will receive the care and support they need, come what may. Read this blog to learn the main reasons why a new parent needs an estate plan.
Making Sure Your Child Is Taken Care Of
In the unfortunate event that something should occur to both you and your spouse or partner, the question arises: Who will assume the responsibility of raising your child? Fortunately, a will allows you to designate a guardian of your choosing. Neglecting to do so would result in the state making this critical decision on your behalf, potentially leading to a choice you'd never want for your child. Appointing a guardian for your child is one of the most pivotal responsibilities you'll ever undertake, as you possess unique insight into what's best for them. To arrive at a well-informed decision, numerous factors warrant careful consideration. This is very important when formulating an estate plan for your family.
Ensuring Financial Stability For Your Child
Through an estate plan, you gain the power to specify how you wish your assets to be distributed in the event of your passing. However, in the absence of such a plan, the fate of your assets hinges on Massachusetts' laws of intestacy. This entails that your assets might be allocated in a manner contrary to your desires, potentially failing to benefit the individuals you intend to provide for. When you establish a will, you can designate a guardian for the assets you intend to leave to your child, especially if they are under 18. Upon reaching the age of 18, your child will inherit the assets you've allocated to them. However, this might not align with your preferences, as many 18-year-olds may lack the financial responsibility and wisdom to handle their inheritance judiciously.
Contact Attorney Andrew Bucklin To Create Your Estate Plan In Massachusetts
Allow Attorney Bucklin to assist in creating these vital estate planning documents, enabling you to take proactive steps in safeguarding your child's future. As a dedicated Massachusetts Estate Planning Attorney, I am prepared to collaborate with you to establish the most comprehensive estate plan. This will grant you the peace of mind in knowing that your child will be well-cared for. Don't hesitate to get in touch with Attorney Andrew Bucklin today for a complimentary and commitment-free consultation.