Welcoming a new child into your family is a joyful moment and a cause for celebration. While you’re preparing space for the new child, it’s also wise to plan time to speak to your Long Island estate planning and family law attorney about updating your estate plan. If you or your family don’t have an estate plan in place, it might be time to create one. Here’s why:
Your child will need care and guidance when you’re gone.
Your estate plan should include the names and contact information of one or more people you trust to raise your child, if you’re unable to do so. Naming a guardian can help prevent disagreements over which family members should care for your children, and allows you to choose someone who willing to step in whom you trust.
You’ll need to update instructions about distributing your assets.
One of the most common estate litigation disputes is among children whose parents left vague instructions about who should get what. To avoid these disputes and make sure your children share their inheritance equally, listing your children by name and what they should receive will help be sure they’re taken care of – at any age.
Estate plans can include education plans.
The cost of a higher education continues to rise, but your estate plan can be used to protect your child’s college funds and help make sure they receive an education, even if you’re no longer around to celebrate their achievements. Your attorney can help you create a trust or other financial arrangement that makes college funds available without triggering onerous tax burdens.
Taking the time to get in touch with a Long Island estate planning and family law attorney can go a long way. Contact the Law Offices of Paul A. Boronow, P.C. at (516) 227-5353 to discuss your future today.