Page 37 - Southern Exposure - February '20

Southern Exposure, Page 37

elder eState planning

Five Things Every New Mother

Needs To Know About Wills

Submitted by Anné Desormier-Cartwright, Esq.
As a new mother, you as acceptable to appoint a trusted attorney to handle your 5. In the absence of clearly stated intentions, the state
naturally want to ensure estate. Typically, an attorney has no emotional attachment steps in.
your new baby’s future in to the family, which might seem bad, but usually results in Think of a will, trust and other estate planning
every way. For many new less potential conflict. documents as an instruction manual for your executor and
mothers, infancy is a time 3. Named beneficiaries on your financial accounts may the courts to follow. You must be clear and consistent in your
for celebrating new life, override the will. stated intentions regarding your child, as well as for others.
and making a will is the Many accounts allow you to name a beneficiary. When If you are not clear or if you do not leave any instructions
last thing on their minds. you pass away, the funds go to the beneficiary named on at all, your family will be forced to use the probate courts
For others, the process the account, even if your will states otherwise. If you are to follow the government’s plan (the statutory list of heirs),
of bringing new life into creating a will with your child in mind (or adding the child which can lead to long delays and is probably not the plan
the world sparks intense to an existing will), you should review your investment and you would have selected for your child and family.
feelings of wanting control bank accounts with your financial advisor to make sure there Providing for your baby’s long-term welfare may
and needing organization. Regardless of where you fall on are no inconsistencies when naming beneficiaries. It is also start with just a simple will, but to be fully protected, you
that spectrum, you might be struggling to figure out what a good time to check retirement account and life insurance probably need more. That is why it is important to talk
steps you need to take to protect your children’s future beneficiary designations with your financial advisor and your with a competent estate planning attorney to make sure
should the unthinkable happen. Here are five key things attorney. Naming a minor to inherit more than $15,000 in the you have the right plans in place to fulfill your goals.
every new mother should know about wills. state of Florida will require a guardianship for the money to We are here to help! Contact us today to talk about your
1. Naming a guardian could be the most important part be used for the benefit of the child (see item number 4). options to protect your new baby.
of your will. 4. A will is not always the right document for your goals. If you have questions about this article or your
If you pass away while your child is a minor, the first When naming your child as a beneficiary, a will only estate plan and what documents are necessary schedule
issue to be addressed is who will assume responsibility for goes into effect after you die. If your will leaves property a consultation today by calling our office at (561) 694-
your child’s care. If you do not name a guardian for your outright to a minor child worth more than $15,000 the 7827, Anné Desormier-Cartwright, Esq., Elder & Estate
child in the will, and both parents are deceased, the courts court will step in and hold the assets until your child turns Planning Attorneys PA, 480 Maplewood Drive, Suite 3,
may decide this question for you, and the guardian might 18. Most 18-year-olds lack the maturity to handle even a Jupiter, FL 33458.
not be the person you would choose. Selecting a trusted modest estate, so we don’t recommend outright inheritance The content of this article is general and should not be
guardian is in many ways more important at this stage than for minor children. relied upon without review of your specific circumstances
deciding about how to pass any assets you own. A trust, on the other hand, goes into effect when you by competent legal counsel. Reliance on the information
2. Name an executor you trust. create it and can provide structure to manage the assets you herein is at your own risk, as it expresses no opinion by
To ensure your child does receive all that you have leave behind for the benefit of your child. An experienced the firm on your specific circumstances or legal needs.
allocated when she comes of age, choose a trustworthy estate planning attorney can advise you on the best option An attorney client relationship is not created through the
executor. Many people choose a family member, but it is just for your family and your circumstances. information provided herein.

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