Estate planning for the first-time parent

We've recently been seeing an increase of first-time parents contacting our office regarding estate planning. Although we commend these clients for taking the initiative to organize their affairs, it appears that most young parents often focus on the financial aspect of their estate planning and tend to forget about other matters which are equally important; namely, guardianship.

Care and control of young children should take priority over all else in estate planning strategy for young parents. The individual(s) responsible for a child's care should be carefully considered along with the circumstances under which your child will be raised under the chosen guardian. Parents will find that answering these questions at the forefront will simplify other financial considerations once they have a clear picture of the guardianship arrangements.