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The importance of estate planning for parents

Posted by Lidia Law Firm, P.C. | Jul 14, 2018 | 0 Comments

If you are a new or expectant parent in Oklahoma, you may understandably be very focused on providing for your new baby. This can be a thrilling and enriching experience albeit a bit tiring at times. However, it is all too easy for new parents to get overly focused on the immediate needs of an infant and forget about the long term. While in most cases you will get to see your child grow up, you should have a plan in place just in case that does not happen.

For the sake of your child and anyone else who may help raise your child if you were to die or become disabled prematurely, NerdWallet recommends a thorough estate plan. This may include multiple documents one of which is a durable power of attorney. Another thing to consider is to establish a trust in which you can place your assets. Naming a trustee who you know to be financially responsible will be important as well.

When it comes to the guardianship of your child, a will can be used for this purpose. Great care should be taken to evaluate the options available to you before you jump quickly into selecting someone just because of the family connection. The decision should be based on your child's well-being.

If you would like to learn more about how you can use estate planning tools to provide for your new baby and growing family, please feel free to visit the trusts and wills for parents page of our Oklahoma estate planning website.

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