If you are expecting or are planning to adopt, you likely have considered what type of childcare arrangement to implement, what to feed your new addition and what color to paint the nursery. However, there are also important legal matters to consider during this important transition. Here are steps to take to help you prepare for a new addition:

Make a New Will
One of the pivotal times to update your estate planning documents is when you have a child. Your will can discuss how to distribute your property when you pass away. More importantly, it can state your wishes regarding who will be responsible for raising your child until they are an adult.

Make a Trust
A trust provides detailed instructions on how to manage your property. You can manage the trust assets during your lifetime while providing directions that the successor trustee can follow if you become disabled or pass away. This way, you can ensure that your assets are managed in the same way you would have managed them. For example, you can withhold distributions to your child until they reach a certain age like 25 or 30. Having a trust may also help you avoid the expensive and time-consuming process of probate.

Consider How to Manage Your Child’s Property
If your child receives property, an adult will need to be in charge of it to safeguard it until he or she reaches adulthood. You can name a specific person in your estate planning documents that you trust to carry out this role. It can be the same person you named as your child’s guardian or a different person.

Complete New Beneficiary Forms
While a will helps with assets that become part of your probate estate, many assets go to the person you named on a beneficiary form, such as on your retirement account, checking account or securities. Update your beneficiary forms to reflect the change in your household. While a minor child cannot directly inherit your property, you can name a trust or your child’s conservator as the beneficiary.

Purchase Life Insurance
If you have not done so already, purchase life insurance. Calculate how many years you would need to provide for your dependents by the amount of your expected expenses to get a broad estimate on how much insurance you should purchase. Consider if you would need these funds to cover additional expenses, such as college tuition or paying off the mortgage on your home. Add these expenses to the amount of life insurance you need.

Make Health Care Directives
If you are pregnant, it may be a good time to make a health care directive that explains the type of medical care you wish to receive in case a situation arises in which you cannot communication your wishes. You can also name a person you want to make health care decisions on your behalf.

Make a Durable Power of Attorney
This legal designation allows a trusted person you name to handle your finances. This can be a useful arrangement in case you become incapacitated or you are not available.

For more information:
To know more about child custody, adoptions, and other family and marital law cases, visit mkmuse.wixsite.com/muselaw or contact Attorney Katrina Muse at 904-824-3355.

Katrina Muse
mkmuse.wixsite.com