Expecting a New Baby? Time to Update Your Estate Plan!

It’s not just a cliche that time flies when you’re having fun – it also seems to fly when you’re expecting a new baby! If you’re like most parents-to-be, you’re probably starting to think about all the things you need to do before your little one arrives. One of the most important tasks is updating your estate plan. This blog post will talk about why it’s so important to do this, and which elements of your estate plan need to be updated when expecting a baby. We’ll also discuss a special type of trust known as a “special needs trust,” and how Margerie Law can help growing young families create or update their estate plans.

I’m Attorney Paul Margerie. Here at my practice, Margerie Law in Brookfield, I help individuals and families with all aspects of estate planning, including wills, trusts, beneficiary designations, and more. I’ve helped many parents-to-be update their estate plans in anticipation of their new arrival, and I’d like to share some information about why this is so important.

Looking for an estate planning lawyer in Brookfield or Milwaukee? Contact us today.

If You Haven’t Started, Now’s the Time.

As a parent myself, I know that the birth of a child is an exciting time. But it’s also a time when you need to start thinking about your family’s future and what would happen if something happened to you. No one likes to think about their own mortality, but it’s important to have a plan in place in case the worst should happen.

Creating or updating your estate plan is one of the best things you can do for your family, both now and in the future. Here are some of the estate planning elements you should consider when expecting a new baby:

Estate Planning Elements to Update 

Add Them to Your Will

If you don’t already have a will, creating one with the help of an experienced estate planning attorney is definitely something you need to do before your baby is born. A will allows you to designate who will care for your child if something happens to you, as well as who will inherit your assets. If you already have a will, be sure to update it to include your new child. While there are certainly options for creating your own will online, the advantage of working with an estate planning lawyer is twofold: you have someone who can answer your questions AND you’ll have peace of mind knowing that your will is legally solid and stored with a safe person.

Review Legal Guardianship

A legal guardian is someone who will be responsible for your child if something happens to you and your spouse. This is a very important decision, so take your time in choosing the right person. The person you choose should be aware that they’ve been named legal guardian and should be someone who will love your child like you would and fulfill your wishes for how your child is raised. It’s also a good idea to have a backup legal guardian in case your first choice is unable or unwilling to serve. An estate planning attorney can answer your questions about legal guardianship and advise you on the best person to choose if you’re having difficulties.

Consider a Trust

A trust is an important estate planning tool that can be used for a variety of purposes. One common use for a trust is to provide for a minor child. A trust can be created to hold assets for the benefit of your child until they reach a certain age, at which point the assets will be distributed to them. This can be a good way to ensure that your child is provided for financially if something happens to you. There are different types of trusts, so feel free to consult an estate planning lawyer.

If you have a special needs child, you may also want to consider creating a special needs trust. This type of trust can provide for your child’s financial needs without affecting their eligibility for government benefits.

Update Beneficiary Accounts

Be sure to update the beneficiary designations on your life insurance policy and retirement accounts (like your 401(k)). While you may want to leave your spouse or co-parent as the primary beneficiary, you can name a new child as a secondary beneficiary. If you don’t have life insurance, now is the time to consider getting a policy. Same with retirement — if you haven’t started saving, start now.

How Margerie Law Helps Young Families

At Margerie Law, we understand the unique challenges that families with young children face. We can help you create or update your estate plan to ensure that your family is taken care of, no matter what happens. Contact us today to schedule a consultation. We look forward to helping you protect your family’s future.