If you are becoming a parent, you need to talk with a Vermont estate planning lawyer. Having a baby brings with it a host of financial responsibilities, along with the joy of adding a new member to your family. You want to make sure your child will always be safe and provided for and an experienced attorney can help you to identify the types of legal tools that will allow you to accomplish this goal.
Unsworth LaPlante, PLLC has provided help to many new parents in making plans to create a more secure future for their children. To find out how our legal team can help you when you have found out you are having a new baby or when you have added a child to your family, give us a call today.
Three Reasons You Need to Talk with an Estate Planning Lawyer When You Have a Baby
When you are having a new baby, you have an endless list of things that you need to take care of in order to adjust to having a new bundle of joy in your home. You should put estate planning near the top of your list, though, because life is full of uncertainties and working with an attorney to plan for tragedy is one of the best and most important ways to ensure your child is always protected.
Three key reasons to talk with an estate planning lawyer once you have a child include the following:
- You need to name a guardian for your child.
If you are raising your child alone and something happens to you, you want control over who is going to care for your child if you are gone. Even if you are raising your child with another parent, it is possible that something could happen to both of you. For example, you could both be involved in an accident that your child survives. You want control over who is going to take care of your child if neither parent can, so you need to name a guardian for your child.
- You need to make plans for how your child will inherit if something happens to you.
If you pass away before your child is 18, you may want to leave your money and property to you child… but this is a problem because a child under 18 cannot manage an inheritance. When the child is under 18, the court should name a guardian to manage the money and property you left to the child. This may not be the person you’d prefer be put in charge of managing the assets.
The child could also receive a large sum of money and a lot of property at age 18, which is overwhelming for someone that young. You can use legal tools like the Uniform Transfers to Minors Act or the creation of a trust in order to have more control over an inheritance that you leave to your underaged child.
- You need to make certain you child can be financially provided for, even if something happens to you.
While some parents have enough money and property that their child will be provided for if the parents pass away, many others do not.
An experienced attorney can help you to determine if you should purchase life insurance to provide for your child, and can assist you in determining an appropriate amount of life insurance to purchase. Caring for a child to adulthood is very costly and you want to ensure that you have provided financially for your child so your child will not become a burden on caregivers or be deprived of opportunities due to lack of funds.
Unsworth LaPlante, PLLC helps you to address these legal issues, and any others that can arise when you have a child. Planning for your legacy and your child’s future is vital for new parents, so let us put together a personalized plan for you.
Getting Help from A Vermont Estate Planning Lawyer
Unsworth LaPlante, PLLC will work with you to develop a comprehensive plan to provide as much protection as possible for your new child. As your life changes because your child grows or you add more children, our legal team can also assist you in modifying your plans so you can ensure you have always used the right legal tools appropriate for your unique circumstance.
To find out more about what should be a part of a comprehensive estate plan, download our free estate planning worksheet. You can also give us a call at (802) 879-7133 or contact us online to to get personalized advice from a Vermont estate planning lawyer.