Congratulations! You’re expecting a new addition to your family, and it’s bringing a lot of change in many facets of your life.

As estate planning lawyers, we’re prone to think long-term about big life events such as the birth of a child.

And the answer to the question “How do I plan well?” is easy: Go through your estate plan and ensure your child is provided for, no matter what happens in the coming years.

You can designate funds to be placed in a few different types of trusts such as a 529 plan, to reduce any potential tax burden on what they receive. Appointing a guardian, thinking about life insurance to cover the financial needs they would have received, and establishing a plan for your retirement benefits are just some of the items you’ll want to consider writing into your will. These details can be adjusted as the child grows older, and we do typically recommend a review every three years to keep all of the small details in order for your small blessing!

For adult children, decisions typically revolve around how much you want to leave for each child. This can be done in installments, as a lump sum, through a trust, or other various measures.

We understand there’s a lot of change going on – and that’s why we’re here to make the future easily navigable, allowing you to focus your attention on making the most of the present. If you have any questions, feel free to send us an email, call us, stop by, or plan to attend one of our free monthly workshops. We’ll be more than happy to assist in any way that we can in ensuring your child’s future!