As a new parent, the last thing likely to be on your mind is leaving your kids without you to raise, watch over and provide for them as they grow up in Pennsylvania. The truth of the matter is there is no telling what lies on the road ahead for you or your babies.
To ease your concerns, Kiplinger breaks down a few estate planning steps that new parents should take. Do what you can to provide for your kids, even when you are not physically present in their lives.
Decide on a guardian and trustee
If you and the other parent pass while your kids are minors, you may have a guardian in mind to take care of them. This guardian could be the child’s godparents or someone else you trust to raise your children. No matter whom you choose, be sure this person knows you have deemed her or him guardian; the role should not come as a surprise. Also, you may or may not want your guardian to act as the trustee, who tends to financial matters related to providing for your kids.
Create living and post-mortem documents
Be sure not to neglect your own needs while providing for your kids’ future. Decide on a power of attorney, which includes your medical power of attorney. That way, you have someone who speaks with your voice and makes medical and financial decisions that align with your desires should you ever become physically incapacitated.
After your passing, you still have affairs to settle. Create a will and trust, making sure you account for the other parent living on to raise your kids alone, as well as the possibility of both you and the other parent passing at the same time.
This information is only intended to educate and should not be interpreted as legal advice.