We just had a child, how can we protect them?
Congratulations on the new addition to your family! Having a new baby join your family can be a very busy and expensive time, but it is very important that you take the time to plan for your child in case something happens to you and your partner. There are two very important documents that we draft that will ensure that your child is taken care of if something happens to you. The first document is a Nomination of Guardians of the Persons and Estates, this document allows you to name guardians who will physically take care of your child and who will use your assets to provide for the child. They are responsible for making all decisions related to your child’s health, education, maintenance, support and welfare. If you do not have a Nomination of Guardians document for your minor children, your family will have to go to court and obtain a Guardianship over the minor child, which is a long and expensive process. Having this document in place prior to your death will save your family a lot of time and will keep more money in your estate to be used for your child’s care.
The second document is a Medical Authorization to Consent to Medical or Dental Treatment of a Minor. This document allows you to name individuals that can make medical decisions for your child if you are unable to, for example, if you are out of the country or unable to be reached by phone. This document also states that the hospital may release your child to whomever you name in the document. This is a great document to have prior to going on vacation without your children or if you have a family member or friend as a daycare provider. I always suggest having at least one of these documents for the non-parent that your child spends the most time with.
We love helping families protect their children and assets and offer payment plans to assist you achieve your estate planning needs. Give us a call today for more information (619) 222-5500!