As any estate planning attorney can attest, every adult should have a will drawn up; this is true whether you’re single or are approaching retirement and have children and grandchildren. However, there are some special considerations an individual with a growing family should keep in mind to protect their spouse and children in the event of an unforeseen tragedy. Here are three estate planning essentials every new parent should know.

Estate Planning Tips for New Parents 

1. Guardianship Designation

Make sure to make guardianship designations for your children. If you and your spouse were to pass away suddenly, what would happen to the children? This can be a difficult conversation, but it’s important to discuss who you’d want to raise the children and then speak with the guardian you choose. An attorney can help you draft a guardianship designation to protect your children.

2. Living Trust

Homeowners should set up a living trust for their growing families. You’ll essentially place ownership of specific property into the trust, and then, when you pass away, the trust transfers to the designated beneficiaries. The trust will reduce estate-related taxes for your children, and the inheritance will bypass the lengthy and costly probate process. An attorney can help you set up a living trust that safeguards your heirs and property.

3. Affidavit of Burial or Cremation

Planning one's funeral can be an emotional undertaking, but it’ll be one less task that your children will have to worry about while they’re grieving. Adding an affidavit of burial or cremation to your estate planning also ensures that your funeral wishes are honored. You can plan out the event in detail, including the music, flowers, and gravestone. 

If you are a new parent, following these three estate planning tips will protect your children. When you’re ready to begin the estate planning process, contact Corey C Davis CPA Attorney at Law in Kerr County, TX. The firm has been providing estate planning legal services for over a decade and has the expertise to ensure that your children are secure. Call (830) 257-8800 or visit the firm’s website to schedule a legal consultation with an attorney.