Becoming new parents can be one of the most exciting steps in a young family’s life in Michigan. While there are so many things to be considered and provided for the new family member, establishing or reviewing an estate plan should not be neglected. While extensive planning may have gone into expanding a family, it is difficult to plan for the unexpected. That is where estate planning can help.
While many eventualities are difficult to consider, preparing for them can provide peace of mind and a certain level of security to a young family. Having a living will that designates a person’s health care wishes should he or she become incapacitated relieves loved ones of that burden in the event of an unexpected accident or illness. Along with a living will, a guardian should be designated for any minor children thus ensuring their continued care.
In addition to providing for a child’s physical care, financial care should also be considered. A trustee can be designated as a child’s financial care taker. This person takes care of investing funds for the child’s future as well as seeing that day-to-day care is provided for. While guardianship lasts until a child is 18, a trustee’s job can last longer. A person may not wish to give an 18-year-old access to a sizable sum of money but instead to delay that until the child is older and better equipped to make sound financial decisions on his or her own.
A young family in Michigan anticipating the joy of welcoming a new member to their family may have many questions regarding their financial future in light of the change in their family dynamic. Sitting down with an experienced estate planning attorney may go a long way to answering questions and easing concerns. A knowledgeable professional can help give the young family a great start in securing a secure financial future.