Day: September 13, 2021

First Time Parents Why You Need a Will

Becoming a first-time parent can be an overwhelming experience, but it is also a true blessing that you simply cannot fully grasp until it happens to you. The pregnancy and lead-up to the birth of your child or pre-adoption process is just the beginning of both the love — and anxiety — that parenthood will bring with it as the years pass.

From the moment your child enters the world, you will want to do everything within your power to love and protect them — even in a worst-case scenario. For this reason, it is critical to set up a will as soon as possible.

If you’re still unsure of the importance of a will for you and your new family, take a look at these 3 reasons, which more fully explain the importance of this document.

Why a Will Is So Important for New Families

1. It names who your child’s potential guardian will be.

In the event of your death, your will names a legal guardian who will care for and look after your child. Not having a will or naming a guardian means that your child could be lost in the court system and uncertain circumstances for months or even years at a time until a legal guardian is set.

2. It sets up your child’s future assets.

Naturally, if your child were to lose you, they would need funds in order to continue living the lifestyle you prepared for them. In many cases, a will can set up a trust that will provide for your child until he or she turns 18. After the age of 18, a will can also prepare additional funds for your child’s adult life.

3. It names a power of attorney in the event you are incapacitated.

In certain circumstances, you may become incapacitated and unable to make decisions for yourself or your child before they turn 18. In this case, you will be able to name your power of attorney(s) in your will. Most sound wills name both a health care power of attorney (for making health care wish decisions) and a finance power of attorney (for making financial decisions).

This is critical as not naming a power of attorney for either one of these areas could result in decisions being made that you would never be happy with were you in charge.

Contact Beasley & Ferber Today to Set Up Your Will

No parent wants to think of their child living without them. Still, it is the most responsible and thoughtful parents that do broach this subject and understand the importance of will creation in order to secure their child’s safety, happiness, and success in the future.

Although it is difficult to think about an unfortunate event occurring in the future, it is critical to realize the importance of such planning. No one else can make these decisions but you, and it’s worth deciding on them now.

To learn more about setting up a will for you and your family, contact us at Beasley & Ferber today.

Getting Married Again Consider Creating an Estate Plan Now

Remarriage after the end of a previous marriage due to divorce or the death of a spouse is common. Unlike first marriages that typically occur in the middle to late 20s, people getting married a second or subsequent time may be well into middle age. Whether they have children from previous relationships or not, older spouses bring special financial considerations into the new marriage.

Making an Estate Plan Now Can Save Legal Hassles Later

Perhaps you or your future spouse created separate estate plans earlier in life and want to update them to reflect your new marriage. Another possibility is that neither of you have created an estate plan. Whatever your individual situation, entering a second marriage brings up several unique considerations. Examples include:

  • What assets do each of you plan to continue holding individually?
  • What assets do each of you plan to leave to your respective children, if any?
  • Do you plan to have children together? If so, what assets would you like to make available for them?
  • Are either of you bringing individual debt into the marriage?
  • Do you expect to incur new joint debts after the marriage?
  • Will you need to order a new title for any assets you would like to reflect joint ownership, such as checking, savings, retirement, or mortgage accounts?
  • Do you plan to establish a joint will?
  • Do you foresee needing any additional estate planning tools, like a power of attorney, trust, or advanced healthcare directive?

Ideally, you and your fiancée will discuss these questions long before you get married. Neither of you should assume what the other is thinking when it comes to something as important as finances. Couples with substantial individual assets before a second marriage may want to give serious thought to a pre-nuptial agreement. Although it might not sound romantic, taking this step helps to protect individual financial interests.

Special Estate Considerations When Either of You Has Children

Couples often discover how differently each one thinks about certain financial matters when it comes to leaving an inheritance for children. One common example is that one spouse wants to divide their individual assets among their own children while the other would like to divide them equally between children and stepchildren. You also need to consider who would take control of assets on behalf of either party’s minor children should one of you pass away prematurely.

If you already have a will that leaves certain provisions for your children, consider how this decision would impact your new spouse. Some couples resolve this issue by establishing a separate marital trust to make sure the surviving spouse receives assets the other spouse wanted them to have.

Don’t Forget to Update Beneficiary Designations

If you already own assets such as a 401(k) and want to replace the beneficiary with your new spouse, be sure to do this as soon after your marriage as possible. You will need a copy of your marriage license to make the changes.

Beasley & Ferber Law Firm is here to assist you with estate planning. Please request a consultation to discuss your needs.


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