New parents should consider estate planning

Becoming a parent is an exciting time in any Tennessee resident’s life. While there are many happy times ahead and plans to be made, it is also important for new parents to consider less joyous possibilities as well. Unfortunate situations can befall any parent, and estate planning may be one of the most important steps to take in preparing for such possibilities.

Because parents want their children cared for even if they are not able to do it themselves, they may first want to create documents that give someone else the power to control their finances in the event of incapacitation. A living will can detail how health care should be provided, and appointing a health care proxy gives someone the ability to make important health-related decisions. Additionally, creating a power of attorney can give someone the ability to control an incapacitated person’s funds in stipulated circumstances to make sure the children remain cared for.

Another important step to take is to consider the possibility of the parents’ deaths. In this case, the children would need a guardian who will act in the place of the parents. Parents can name a person in their will who they would like to take on this role, but it is important that the person is fit for the position; otherwise a court could overrule the decision.

Estate planning may seem like a dismal topic to consider right after bringing a new life into the world, but this plan could act as a gift to any child. Tennessee parents who want to make sure that their affairs are in order to ensure the well-being of their children in the event of incapacitation or death may want to explore their planning options. Speaking with attorneys may help them better understand what documents could best suit their needs.