Why New Parents in New Jersey Should Consult with an Estate Planning Lawyer
Are you expecting a new child or did you or your partner recently give birth? You undoubtedly have a lot on your mind during these busy times. While estate planning is probably not the first thing that you are thinking about, a new baby is a great time to speak to an attorney about your current plan. It is especially important if you do not have a formal estate plan at all. Here, our Monmouth County estate planning lawyer explains why new parents should speak to an attorney.
Reason #1: You Need to Name a Guardian for a Minor Child
First and foremost, you need to name a guardian for your minor child if you are a new or expecting parent. New parents often assume that a court will automatically appoint a trusted family member if both parents die. New Jersey law does not work that way. A probate judge must appoint a guardian based on statutory standards and available evidence. A properly drafted will allows parents to nominate a guardian and an alternate guardian. It is the best approach for protection for your kid.
Reason #2: Managing Assets for a Minor Child Often Requires More Than a Simple Will
Minors cannot directly receive or control inherited property under New Jersey law. If a parent dies without planning, the court may require a guardianship of the property or hold assets under restrictive statutory rules until the child reaches adulthood. That outcome limits flexibility and increases administrative cost. If you have any questions about the right type of trust to set up, a top-rated New Jersey estate planning attorney can help.
Reason #3: Incapacity Planning Can Protect You and Your Child
The reality is that there is a risk of temporary or permanent incapacity for you and/or your spouse/co-parent. That risk is something that needs to be prepared for as part of your estate plan. New parents often focus on death planning and overlook incapacity. A serious illness or accident can leave a parent unable to make medical or financial decisions. Without a valid power of attorney or advance directive, family members may need to seek court intervention. That can be a difficult process for your family.
Reason #4: Coordinating Beneficiary Designations Helps to Simplify Estate Planning
Life insurance, retirement accounts, and employment benefits often represent a family’s largest assets. These accounts pass by beneficiary designation, not by a will. New parents frequently name a minor child directly, creating legal complications at death. An estate planning lawyer reviews and coordinates beneficiary designations with the overall plan.
Contact Our Monmouth County Estate Planning Attorney Today
At Poulos LoPiccolo PC, our New Jersey estate planning lawyer has the knowledge, the skills, and the legal experience that you can rely on. If you have any questions or concerns about estate planning, please do not hesitate to contact us today. We provide estate planning representation in Monmouth County and throughout all of the surrounding counties in New Jersey.
