Most new parents, when the topic of estate planning comes up, respond the same way: “We’ll deal with that when we’re older.” As a new parent, you may recognize that hesitation. However, life can be unpredictable, and failing to take precautions can cause unnecessary trouble for your growing family. Here is why you need an estate plan the moment you have children.
Why would you need estate planning?
You might think that your current bank accounts and personal property are not valuable enough to require formal legal protection. Yet, estate planning in Washington involves much more than simply dividing up financial wealth. For parents, it is fundamentally about care and control. A comprehensive estate plan often includes:
- A durable power of attorney that legally allows someone you trust to handle your financial matters – and ensure your children’s day-to-day expenses are covered – while you are incapacitated.
- A healthcare directive that ensures that doctors clearly know your specific medical preferences when you cannot speak for yourself, usually due to a terminal illness or an irreversible medical condition.
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A guardian nomination that legally formalizes your choice, guiding the court to place your children with the person you trust most if both parents pass away.
By setting these up, you maintain control over your choices and your child’s well-being during unforeseen emergencies.
Sparing your loved ones a legal headache
If a Washington resident passes away without a valid will or estate plan, the law considers them to have died “intestate.” When this happens, state intestacy statutes generally determine how the state divides your personal belongings and assets.
Instead of you choosing who inherits your property and manages funds for your child, the probate court may distribute your probate assets to your surviving family members based on a legal hierarchy. More importantly, without a will nominating a guardian, the court may decide who will raise your children without knowing your preferences, which can lead to disagreements or prolonged legal disputes among surviving family members.
Protect Your Legacy
Taking time to organize your affairs is important if you want to ensure your wishes are respected. You can use various legal tools to accommodate a variety of goals that matter to you while finding a way to protect your children and loved ones from added stress.
