New Baby? Need a Will or a Trust?
It’s finally here! The wait is over. I know we have all been anxiously awaiting the release of the most popular baby names for 2019 (the future class of 2037!). Did your new little one’s name make the list? If you welcomed a Charlotte or Liam this year, then your new little one has the most popular baby name in 2019. Perhaps a nod to the royal family, perhaps a bit of nostalgia for old school charm, the top baby names this year bring some old delights back to modern times. Amelia, Violet, Aria, & Aurora were among the top 5 for girls. While the boys brought back some classic charm with Oliver, Theodore, Declan, & Henry in the top 5.
How do we prepare for our new little ones born in 2019 and all of our family members?
One of the first things we start to do as new parents is plan. We plan for what to name our child, what color the baby room is going to be, and for childcare. We want to protect this new baby. We want to know the child will be taken care of if something happens to us. This time often brings immense joy, but with that joy also comes fear. It’s natural. The good news is that planning for the unknown and the uncertainties can help keep that fear in check. Where do you start? With your estate plan, a Will or Trust, helps ensure your family is protected.
If something happens to you (or your spouse), who will take care of your children? Will your family be able to stay in your home? Will they have enough money to pay the bills? Will the assets get frozen in probate? What is probate? Will your spouse get remarried and accidentally disinherit your child? Will your child spend their inheritance wisely? What happens if you are disabled, but still alive? Who cares for your child then? How are the bills going to be paid? Who makes your health care decisions? Who pays the bills if you cannot? These are just a few of the many questions a good estate plan (think Will or Trust) answers.
Do you need to have all the answers? ABSOLUTELY NOT! Don’t let indecision or uncertainty stop you from getting a plan in place. It is up to your estate planning attorney (go to a specialist!) to educate you on your options and help you understand the process so you can make informed decisions. In short, estate planning gives your family a roadmap if something happens to you so they can grieve and not get caught up in the chaos of the court system. This not only saves your family time and unneeded stress, but it also saves them money.
Having a solid team behind you is one of the best things you can do for yourself and your family. If you don’t know where to start, give us a call at 605-777-1772 and let us help guide you through the process. We offer a free initial consultation to all new clients to ensure we are the right fit to help you and your family. The best thing you can do for Charlotte and Liam this holiday season is just start the process.