Every adult in Illinois should have an estate plan. That’s true even for young people who don’t own much. It’s doubly true for new parents. In fact, any time there’s a change in your family, whether that means marriage, divorce or birth, you should revise your estate plan. Parents need to make choices for their children in their estate plans. That includes naming a guardian in case something happens to the parent while the child is still a minor.
Why make an estate plan?
When people are young and healthy, estate planning seems like a far-off consideration. First-time parents are full of optimism about the new life in their midst. They don’t necessarily want to think about the possibility of disability or death while their child is still young. But having a plan in place can provide real peace of mind if something should go wrong.
Another issue to consider is that an estate plan evolves over time. The will you write as a new parent shouldn’t be the same will you have in place when your child graduates from college. As your assets, family and career take shape, you will need to revisit your plans for the future. That includes your estate plan. You’re laying a foundation and will build on it going forward.
Choosing the right professionals can make it easier to craft an estate plan that works best for you. A lawyer may be able to provide advice about wills, trusts and other estate planning tools. Consulting with a financial planner is also wise when making an estate plan. He or she may be able to provide young parents with good advice about reaching financial goals for themselves and their children.