October 11, 2016

One of the most common reason for someone to set up a meeting with an estate planning attorney is due to the birth of a new child. This should not, however, be the last time you set aside time to meet with a lawyer. Active parenting involves helping your children achieve their goals, but you should also be thinking about how your own planning opportunities can address your child’s needs.

Aside from wills, which allow you to stipulate what happens to your property and to name a guardian for your minor children, you may also want to consider using a trust, which empowers you to have some control over the distribution of property. You may also gain some privacy benefits from using a trust.

You need a formal plan to help address your long-term goals and this can be an important part of thoughtful parenting. As a new parent, it can be challenging to think about the future in which you may not be around, but doing this planning now can help avoid problems down the road. In an ideal world, you will not need to worry about the guardian named for your child. However, it can give you a lot of peace of mind knowing that someone has been tapped to play a critical role in your child’s life just in case.

Contact your experienced estate planning attorney in NJif you have questions about how the process works and how you can benefit.