FAQs — New Parents and the "Other" Planned Parenthood

I am a new parent. What should I consider in creating an estate plan?

The important thing is nominating a guardian for your minor children, not only the children you have now but any you may have or adopt in the future.

My husband and I just got married and I am pregnant with my first child. Do we need to have a will yet or should we wait until the baby is born?

You read every book, bought bottle warmers and sterilizers, formula and diapers in bulk, and every swaddler in stock. Most new parents are diligent about preparing for a newborn and learning "what to expect when you're expecting". Even newlyweds without children spent countless hours in wedding preparations! Yet, many young couples neglect to be a prepared about their estate planning documents.

Now that you are about to have children, you need to be prepared for the unexpected. It's time to take the next step in "being prepared": getting your estate planning documents and advanced directives in order. Every parent should have these essential documents:

• Last Will and Testament
• Health Care Proxy
• Living Will
• Power of Attorney

Depending on your situation, you may also want to consider a trust, life insurance, and even a life insurance trust (an "ILIT"). Embarking on the process of working with your estate planning attorney to create these documents starts an important dialogue with your partner and immediate family about your wishes as reflected in these documents. This minimizes the potential for future – and possible litigious – disputes.

A competent estate planning attorney will help you decide important issues. Who should serve as guardian for your minor child or children? Who should be a Trustee of any money left to your children? Should it be the same person as the guardian? What are the best strategies for saving estate taxes? Who should make health care decisions if you're unable to make them yourself? You have a number of alternatives and an estate planning attorney will help guide you through the decision making process.