Many people in Louisiana will welcome new babies during the coming year. Such events are typically joyous and exciting. However, many Lake Charles parents may want to approach their expanding family situations from practical perspectives as well. Careful estate planning may be part of that process.
Executing legal documents concerning distribution of assets after one’s death may not be the first thought of every new parent. In fact, many people prefer to avoid all discussion of personal mortality. Others understand the importance of getting things in writing to avoid problems later in a child’s life.
One of the provisions that can be included in a thorough estate plan pertains to legal guardianship of one’s children. A parent can name a trusted family member or friend to gain custody should both parents die or become incapacitated and unable to care for a child. Without appropriate written documents, there is no way to ensure that the person of one’s own choosing will be appointed by the court to care for a son or daughter.
Thinking ahead, by taking care of estate planning needs early in a child’s life, a parent can help avoid a lengthy probate process when the time comes to administer an estate. Whether this occurs a decade or five decades later, many parents gain a sense of security knowing they’ve done all they can to provide for their child’s future financial stability. If a Louisiana parent has questions regarding the estate planning process, answers can be sought through consultation with a Lake Charles estate and probate attorney.
Source: nerdwallet.com, “Congrats on Your New Baby! Now It’s Time for an Estate Plan“, Brian McCann, Dec. 22, 2016