Adding a New Child To Your Family? Three Reasons to Update Your Estate Plan
If you’re welcoming your first born or adding a new sibling to the family, the birth or adoption of a child is a key time to consider updating your estate plan. An experienced Columbia County, Pennsylvania estate planning attorney can help you make changes needed to your future plans that will make sure your wishes are carried out. Secure your children’s future today. Contact Kreisher Marshall & Associates, LLC at (570) 784-5211 to discuss your options.
Here are three reasons to update (or create) an estate plan when a new child joins your family:
Naming all the children in your estate plan helps reduce disagreements.
One of the top reasons estates end up in court is because instructions about what each child receives in your will isn’t clear. Some arrangements refer to multiple children without mention each one specifically. Make the process of settling your estate easier and reduce issues by updating the estate to specifically name each child and indicate who should receive what.
Ensuring your child has the assets needed for college or a career.
Leaving your financial estate to your child when you die can be complex. Taxes can take out a big amount. By updating your estate plan, you can minimize the tax impacts while also making sure your child has access to money you’ve set aside for their college or future.
Choosing your child’s guardian or caregiver.
Who’ll take care of your child if you are no longer able to do so? When you include the names of one or more preferred guardians in your estate plan, you can arrange ahead of time for your child to be raised by someone you trust and who has agreed to step into your shoes.
These aren’t the only things to consider when making or changing estate plans. An experienced Columbia County attorney with Kreisher Marshall & Associates, LLC can help. Contact us at (570) 784-5211.