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Estate administration: Suggestions for new parents

Never is the time more prudent for fashioning an estate plan than when a couple welcomes children into their family. Positive estate administration in British Columbia means have an all-encompassing estate plan even though new parents likely aren't dwelling on the future immediately after having children. It may be a wise decision, however, to have documents in place should the unforeseen happen -- especially when it comes to the guardianship of minor children.

In fact, that is probably the first question that could be answered within the body of an estate plan -- who will be the guardian(s) of minor children should the parents pass away? After narrowing the field down and asking the person(s) chosen, writing this important information down properly will likely ease the minds of young parents that their child will be taken care of by someone they respect and trust. Care must be taken to explain the role to the person who has been chosen.

Experts says it is never too early to educate children on handling money and other finances. So, as a child grows parents may wish to teach their children how they might be able to handle an inheritance left to them. An estate plan could also stipulate how children would inherit any assets. Would a trust fund be set up? How old should they be when they can access those assets?

A lawyer in British Columbia can answer all these estate planning questions. The more encompassing an estate plan is, the less stressful it will be when it comes to estate administration. A lawyer may be able to provide a helping hand when it comes to offering guidance as to what would be best to include in estate planning documents.

Source: huffingtonpost.ca, "3 Estate Planning Tips For New Parents", Andrea Love, Accessed on March 30, 2018

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