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Between feeding, bathing, and cuddling your baby, estate planning might not be on your mind. However, it’s wise for new parents to consult a will attorney for legal advice. Here’s information that might help you prepare for the initial meeting.

Tips for New Parents Thinking About Estate Planning

1. Write a Will

Now that you have a child, your estate plan will expand. Parents need to name guardians for their minor children in case the parents die before their child turns 18. Without a will, the state makes the decision. Parents use estate plans to leave funds for children’s support, care, and education, too, making this step invaluable. Proper preparation ensures you can continue to care for your child after you pass.

2. Create a Trust

estates-Stayton-ORTrusts are legal vehicles that protect assets for yourself and your children, and you can name the trustee. Inter vivos trusts take effect while you are living and, like wills, testamentary trusts take effect after you pass away. Parents who have children with special needs should include a special needs trust, which protects their right to receive certain government benefits without penalty. 

3. Buy Life Insurance

If you pass away before your children, a life insurance policy naming them as beneficiaries enables the proceeds to pass to them quickly, without going through probate. The policy can be included in a trust for management by the trustee.

 

For legal advice about estates, new and seasoned parents in Oregon’s Willamette Valley and Santiam Canyon turn to Stayton Law. Experienced will attorney Jennifer L. Tiger offers prompt responses, sound counsel, and effective representation to clients with a wide range of concerns. Whether you want to update your estate plan or are seeking a corporate lawyer to help you start a small business, their team can help. Call (503) 769-7741 to schedule a consultation appointment or learn more about her practice online.

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