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Estate planning should be priority for new parents

Bringing a new life into the world is both one of the most exciting and potentially overwhelming experiences two people can experience. Becoming parents introduces a whole new level of responsibility to one's life in Washington. Along with providing for all of the child's current needs, parents also need to consider the future and plan for the care of the child in the event that something happens to the parents. Estate planning can cover many of these issues.

One of the most important factors to consider is guardianship. In the event of the parents' deaths, who will become the child's guardian? This can be specified in a will and once settled the parent can rest easy knowing there will be no family squabbles over who gets custody of the child. A life insurance policy can provide funds for raising the child and/or for a college education.

Another important issue to consider is how one's estate is handled if the parents pass prior to a child turning 18. A trust allows one to designate a trustee to administer the child's inheritance until a specified age such as 21 or 25. This consideration is not just for the wealthy but for anyone who wants to have some control over how finances are handled while children, even adult children, are still young.

Becoming parents is truly a magical and wonderful time in a couple's life. The last thing on a person's mind at that point may be his or her own passing. Sadly, tragedies happen every day and it is best to be prepared for the unexpected. An estate planning professional in Washington can help a young family with estate planning that will grow and change as the needs of their family changes.

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