(PRWEB) September 28, 2012
The Law Firm of Pozzuolo Rodden P.C., announces the release of the article Estate Planning:"The Birth of a Child is the Perfect Time to Review or Implement an Estate Plan ". Below is a sample of the first couple of paragraphs. If you would like to read more, please read the full article and other corporate law, or estate planning topics at http://www.pozzuolo.com/Pubs_Newsletters.shtml
The Birth of a Child is the Perfect Time to Review or Implement an Estate Plan
When a couple has their first child, they may be so overwhelmed with the new responsibilities of parenting that they may not even consider the importance of implementing an estate plan for their family. However, the birth of a child is the perfect time for a couple to provide for the welfare and security of their family by either: (a) beginning their estate plan, if they have not done so already; or, (b) revisiting their existing estate planning documents to ensure that their documents properly protect their new family.
For new parents, there are several reasons to prepare an estate plan upon the birth of their first child: To plan for the care of the child if both parents are deceased; To ensure that the child’s inheritance is properly managed and to determine who will handle the child’s property during his/her minor years or in today’s world, until the child graduates from college or graduate/professional school; and To plan for the cost of the child’s future educational needs.
Even though estate planning is essential for young families, many young couples postpone estate planning discussions due to the mistaken belief that they do not need an estate plan because they are young and healthy or these discussions conjure up negative feelings about death. Yet, many couples fail to realize that being proactive and preparing an estate plan can actually alleviate some of the fear associated with death and dying.
Guardian of Minor Children
The most critical aspect of an estate plan for new parents is deciding who will take care of minor children upon the untimely death of both parents. In a properly drafted Will, new parents can designate who will be the guardian of minor children if their spouse does not survive him/her. Some parents delay writing a Will because they cannot decide on a guardian and thus, risk leaving a court with no guidance as to who should be the proper guardian for minor children. Rather than postponing the drafting of a Will altogether, a couple should name a first and second choice of guardian and then change those choices later, if necessary. Remember, a Will can be amended. It is not a stagnant, unchanging document. ......
If you would like to read more, please read the full article "The Birth of a Child is the Perfect Time to Review or Implement an Estate Plan" and other corporate law or estate planning topics at http://www.pozzuolo.com/Pubs_Newsletters.shtml
Pozzuolo Rodden, P.C. provides specialized cost-effective legal services to privately held business owners and high-net-worth clients in Pennsylvania and New Jersey in excess of 35 years.
Business planning and transaction, complex business litigation, commercial real estate and development, construction law and litigation, advanced estate planning and administration, tax and pension law, high profile and intricate family litigation, and employment law and litigation.
Pozzuolo Rodden, P.C.
Counselors at Law
2033 Walnut Street
Philadelphia, PA 19103