Updating estate planning goals after becoming a parent

On Behalf of | Mar 29, 2020 | Probate And Estate Administration

While becoming a parent can be a joyous occasion, it also comes with a significant level of responsibility. Prospective or new parents in Nevada may feel it vital to take every precaution to protect the well-being and futures of their children, but they might not be certain how to go about achieving this goal. There could be a variety of benefits to addressing one’s new parental status and making changes to one’s estate planning goals accordingly.

While new parents may be caught up in enjoying the moment, the experience could also prompt a desire to make plans for the future. Updating beneficiary information to include the kids may help reflect one’s current wishes and provide peace of mind. Parents who wish to provide for their children in the future could also benefit from exploring options such as creating a trust.

While topics such as an untimely death might be uncomfortable to think about, implementing a strategy for the unknown could prove imperative. Choosing someone to act as guardian for the kids in the event the unthinkable occurs could also help parents achieve peace of mind by knowing they will have someone to care for their needs. Exploring the possible benefits of a life insurance policy could also be essential to safeguarding the needs of the kids.

After welcoming a child into the family, parents may wish to better understand the available options to help protect the needs of their kids. By speaking with an estate planning attorney, a parent in Nevada could obtain much needed insight in covering every possible scenario. An attorney can work with a client in creating an estate plan or updating an existing plan to reflect the changes to the family and provide protection for the future of his or her kids.