3 Legal Steps Every Parent Should Take
Everything you do is for your children: where you live, your job, your weekend schedules - all of it. But have you fully protected your kids, legally? Here are three steps parents need to take today:
1. Name a guardian for your child.
You’ve heard the term guardian, but what does it really mean? This is the person(s) that will care for your baby and raise your child, should you become incapacitated or die. If something happens to you and your partner, there will be no person more important in your child’s life. Have you named a guardian for your child? Parents need to assign a long-term guardian, as well as a temporary guardian (someone that can take care of your child until the long-term guardian arrives).
2. Design a legal plan that financially protects your child.
This looks different for everyone - but may likely include trusts and life insurance designations. It is crucial to have a comprehensive, legal plan in place that supports your child throughout childhood and then launches them responsibly into adulthood.
3. Make sure everyone knows their role.
You’ve done the legwork of designing and drafting a plan, but do the people you’re counting on to put the plan in place actually know what to do? At New Parent Law, we go one step above - making sure we work directly with those people who will be crucial in supporting your children and protecting your financial legacy to ensure they understand what to do, should the time ever come.
How We Help
As your Personal Family Lawyer® Firm, we can help you create a comprehensive strategy that optimizes both education funding and wealth preservation goals. We'll work with you to structure your assets effectively and ensure your plan adapts as the law changes, your assets change, or your family dynamics change. Our approach focuses on creating clarity and consistency across all aspects of your financial planning, from education funding to legacy preservation.
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This article is a service of New Parent Law, PLLC, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life & Legacy PlanningⓇ Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.