Great question. Most people don’t think they need an estate plan until they are much older. But it is important to have an estate plan at any age. This is especially true now that you have a baby.
To begin, you will need to answer these questions: If something happens to both you and your husband, what happens to your baby? If you don’t have a plan in place, then the court will put someone in charge, but that may not be the person you wanted. If you have a plan, you can choose who is in charge (called a “guardian”) of raising your child and making decisions for them as you do now. Selecting a guardian is a very difficult decision that should not be taken lightly. The other question is when (what age) your child will receive an inheritance – you generally don’t want him or her receiving an inheritance at age 18. In your plan, you can specify what age your child receives an inheritance, and also what it can be used for before that age (education, etc.) Don’t leave these important decisions to chance, make an estate plan today!
Would you like a free consultation? Email me at [email protected] or call (517) 548-7400.
Monika N. Burrell is an attorney with the law firm of Matecun, Thomas & Olson, PLC in Howell. She focuses on estate planning, elder law, senior Veterans’ benefits, probate and trust administration. Visit us at www.MichiganEstatePlans.com. The information in this column is not intended as legal advice.