It is always best that you have an estate plan in place. But it is all the more incentive to do so if you recently had a child. This is because, with your child’s best interest in mind, you want to make sure that they are both emotionally and financially provided for in the unfortunate event that you are no longer around. Follow along to learn the necessity of creating a will and a trust after having a child and how a proficient Monmouth County estate planning attorney of Margaret M. Mahon, Esq. LLC can assist you in finalizing these important documents.
Why is it important to create a will if I recently had a child?
A will is an important document for many reasons. But specific to your child, it is important because it allows you to name a guardian, otherwise known as the person who would care for your child in the event that you have passed on. If you do not declare a guardian in a legally valid will, this decision will be made by a New Jersey judge, which may not exactly align with who you had in mind. Additionally in your will, you can declare your child as the beneficiary of your estate.
Notably, your will can be modified at any time you are living, but should especially be done if you recently had a child or adopted a child. For more, contact a talented wills attorney in Monmouth County, NJ today.
Why is it important to create a trust if I recently had a child?
Similarly, a trust allows your child to be financially provided for. Specifically, you will be able to declare a trustee to guarantee that your assets are used for your child’s benefit. Failure to create this document will cause your assets to be tied up in the probate process for at least six months. On top of this, your assets may be controlled by a court-appointed conservator who may not align with the trustee you had in mind.
Nevertheless, we understand that creating an estate plan is probably the last thing on your mind when you are preoccupied with becoming a new parent. But rest assured, when hiring an experienced Red Bank, New Jersey trusts attorney, this process will be practically seamless. If you are ready to get started, pick up the phone and give our firm a call today.
Contact Our Red Bank, New Jersey Firm
If you need an effective attorney to assist you with matters of wills, trusts, and estates, or the taxes associated with them, contact Margaret M. Mahon, Esq. LLC today to schedule a consultation.