Estate Planning for the Expecting Parents

You’ve read the books. You’ve taken the classes. You have met with the doctor and secured a great spot in childcare. So, are you totally ready for your new baby’s arrival?Of course it’s impossible to be 100% prepared. Especially with an infant, surprises are sure to arise.  Wakefield Law is looking forward to another Wakefield coming in December, 2021 and we understand just how much goes into expecting a little one.  However, the months waiting for your family to grow are the perfect time to get estate planning off your list!  Let a Plan Support Your SpontaneityFor some, the idea of an estate plan at this stage in the game can seem premature and more than a little overwhelming. After all, you have so much going on to prepare for the baby. When are you going to find time to sit down with a lawyer?That’s where Wakefield Law comes in. Our family-oriented firm is all about serving you, where you are, and in the time you have available. We move at your speed and have a tried and true process to meet, set up critical action items, and keep moving forward.  Ultimately, we get an individually-tailored plan that’s right for you and your family.What Documents Do You Need Before the Baby Comes?WILLFirst and foremost, new parents need Wills. Sure, this may seem obvious, but it’s actually incredibly important. Wills do a couple of things. One is to pass your earthly possessions onto your loved ones. While that’s an important function of a Will, it’s probably not at the top of your mind when you are bringing a new baby into the world. (Not to mention, it’s not generally the most efficient way to transfer assets, but we’ll get to that in a minute). Importantly, a Will also allows you to name a guardian for minor children. This is where estate planning documents are most necessary. If something should happen to you, who will care for your baby? Without a Will, the court will make that decision on your behalf, and they might not make the same choice you would. A properly executed Will allows you to name first, second, and third-choice guardians who can step in to care for your child, if the need should ever arise. TEMPORARY GUARDIAN DESIGNATIONYou can also use your estate plan to name temporary guardians. Naming temporary guardians happens outside of the Will, and allows you to name one or more individuals who live nearby and should be called upon to care for your child immediately. If your appointed permanent guardians do not live nearby or are not available in an emergency, temporary guardianship is a good way to ensure that a trusted adult will be able to be there for your child.  If the permanent guardian is not immediately available, it is possible for a child to be taken into state custody until a permanent guardian is available.  When choosing guardians, both temporary and permanent, it is important to take your time. There are a lot of factors to consider, and we are here to help walk you through this deeply personal decision.ADVANCE MEDICAL DIRECTIVEIn addition to the health and wellbeing of your child, your estate plan should provide for your own health and wellbeing, too. An Advance Medical Directive is a set of documents that allows you to state your medical preferences, name a healthcare proxy, designate individuals who are entitled to speak with your healthcare providers about your condition, and specify any end-of-life wishes. Without these documents in place, even temporary incapacity due to illness or injury can become a nightmare. By taking the time to lay out your wishes and necessary permissions in your advance medical directive, your loved ones will be able to seek care on your behalf unencumbered. Of course, finances and assets are not as important as you and your child’s health and wellbeing. However, that doesn’t mean they are not necessary. A good estate plan should plan for any and all unexpected conditions, and this includes a comprehensive financial plan. POWER OF ATTORNEYWhen the unexpected occurs, who is empowered to take the wheel? Who can make sure the bills are paid, the house is cared for, and the business is up and running? Your Power of Attorney allows you to name a financial agent who is entitled to make financial, business, and legal decisions on your behalf. If you are temporarily or permanently incapacitated, Power of Attorney is absolutely essential. REVOCABLE LIVING TRUSTHow will you preserve your assets to ensure your child and partner are cared for in the future? Who will oversee the distribution of your assets? What kind of controls can you exercise that will protect your child long into his or her future? Sounds like a job for a Revocable Living Trust. Unlike a Will, which simply states who should receive what and then is executed through the probate court process (which can be long and costly), a trust allows you to transfer assets to loved ones outside of a court setting efficiently and privately.  With a properly created and funded trust, it is possible to avoid the probate process altogether.  When you create a trust, you are able to exercise far more control over your assets. Trust instructions state to whom, when, in what amounts, and for what purposes assets can be distributed. For example, don’t want your child to inherit your entire estate when he or she turns 18? A trust may be the answer. You can specify trust instructions that provide for your child’s healthcare, education, housing, travel, all without the interference or oversight of the court.  Get it Done Now, Before the Sleepless Nights AheadExpecting parents will get advice from all corners regarding the adventure to come.  It can seem like it’s impossible to address everything, but making sure your family, including your new little bundle of joy, are taken care of no matter what occurs is a goal worth prioritizing.  Give us a call at 703-771-9740 to schedule a free consultation that works with your schedule – my clients always say they feel relieved when we finally sit down to address these potentially daunting matters. 

You’ve read the books. You’ve taken the classes. You have met with the doctor and secured a great spot in childcare. So, are you totally ready for your new baby’s arrival?

Of course it’s impossible to be 100% prepared. Especially with an infant, surprises are sure to arise.  Wakefield Law is looking forward to another Wakefield coming in December, 2021 and we understand just how much goes into expecting a little one.  However, the months waiting for your family to grow are the perfect time to get estate planning off your list! 

For some, the idea of an estate plan at this stage in the game can seem premature and more than a little overwhelming. After all, you have so much going on to prepare for the baby. When are you going to find time to sit down with a lawyer?

That’s where Wakefield Law comes in. Our family-oriented firm is all about serving you, where you are, and in the time you have available. We move at your speed and have a tried and true process to meet, set up critical action items, and get the plan you need in place.

What Documents Do You Need Before the Baby Comes?

WILL

First and foremost, new parents need Wills. Sure, this may seem obvious, but it’s actually incredibly important. Wills do a couple of things. One is to pass your earthly possessions onto your loved ones. While that’s an important function of a Will, it’s probably not at the top of your mind when you are bringing a new baby into the world. (Not to mention, it’s not generally the most efficient way to transfer assets, but we’ll get to that in a minute). Importantly, a Will also allows you to name a guardian for minor children. This is where estate planning documents are most necessary. If something should happen to you, who will care for your baby? Without a Will, the court will make that decision on your behalf, and they might not make the same choice you would. A properly executed Will allows you to name first, second, and third-choice guardians who can step in to care for your child, if the need should ever arise. 

TEMPORARY GUARDIAN DESIGNATION

You can also use your estate plan to name temporary guardians. Naming temporary guardians happens outside of the Will, and allows you to name one or more individuals who live nearby and should be called upon to care for your child immediately. If your appointed permanent guardians do not live nearby or are not immediately immediately available, children can end up in state or police custody until the permanent guardian becomes available.

ADVANCE MEDICAL DIRECTIVE

In addition to the health and wellbeing of your child, your estate plan should provide for your own health and wellbeing, too. An Advance Medical Directive is a set of documents that allows you to state your medical preferences, name a healthcare proxy, designate individuals who are entitled to speak with your healthcare providers about your condition, and specify any end-of-life wishes. Without these documents in place, even temporary incapacity due to illness or injury can become a nightmare. By taking the time to lay out your wishes and necessary permissions in your advance medical directive, your loved ones will be able to seek care on your behalf unencumbered. 

POWER OF ATTORNEY

When the unexpected occurs, who is empowered to take the wheel? Who can make sure the bills are paid, the house is cared for, and the business is up and running? Your Power of Attorney allows you to name a financial agent who is entitled to make financial, business, and legal decisions on your behalf. If you are temporarily or permanently incapacitated, Power of Attorney is absolutely essential. 

REVOCABLE LIVING TRUST

How will you preserve your assets to ensure your child and partner are cared for in the future? Who will oversee the distribution of your assets? What kind of controls can you exercise that will protect your child long into his or her future? Sounds like a job for a Revocable Living Trust. Unlike a Will, which simply states who should receive what and then is executed through the probate court process (which can be long and costly), a trust allows you to transfer assets to loved ones outside of a court setting efficiently and privately.  With a properly created and funded trust, it is possible to avoid the probate process altogether.  When you create a trust, you are able to exercise far more control over your assets. Trust instructions state to whom, when, in what amounts, and for what purposes assets can be distributed. For example, don’t want your child to inherit your entire estate when he or she turns 18? A trust may be the answer. You can specify trust instructions that provide for your child’s healthcare, education, housing, travel, all without the interference or oversight of the court. 

Get it Done Now, Before the Sleepless Nights Ahead

Expecting parents will get advice from all corners regarding the adventure to come.  It can seem like it’s impossible to address everything, but making sure your family, including your new little bundle of joy, are taken care of no matter what occurs is a goal worth prioritizing.  Give us a call at 703-771-9740 to schedule a free consultation that works with your schedule – my clients always say they feel relieved when we finally sit down to address these potentially daunting matters. 

Wakefield LawWakefield Law, PLLC