If you are expecting a child, then your world is about the change. Drastically. Speaking from experience, get your sleep now! Besides sleep, it is also time to put your Estate Plan in order.
Estate Planning and the birth or adoption of a child is different that your old Estate Plan. First of all, you have a need for a guardian. Second, you need a trust to hold assets until your child is ready to shoulder that responsibility. Each family is different, and there are different ways to address your particular family situation. We are happy to walk you through your options in person, feel free to call us! Meanwhile, here is a short introduction to some typical estate issues that arise when addressing Estate Planning and the Birth or Adoption of a Child.
Intestacy, Having No will at Death: If you have no plan, then your assets pass under the State’s plan. Also, without a Will, your child has no protective trusts. Further, your spouse or your children may receive more than you intend, leaving your wishes disregarded. The Intestacy Rules do not take your wishes into consideration. A Will allows you to craft a plan that reflects your real desires.
Will: Without a Will, the state decides where your assets pass at death. The State provides no protective trusts and disregards your wishes. A properly drafted Will ensures your assets provide for your child’s care.
Guardianship: Your Will allows you to appoint a Guardian of the Person. This person replaces you as the child’s parent.
Dynasty Trusts: Your Will can form protective trusts for your child. The terms can be crafted to fit your specific needs, but standard clauses allow the use of funds for your child and select an age when the child can be trusted to control the resources alone. These trusts build up a protective wall, sheltering the inheritance from your child’s creditors and future spouse.
Trustee: The Trustee is the person who manages your child’s trust. Typically, the Trustee works with the Guardian to pay for the child’s expense until age 18, when the Trustee collaborates with the child. The Trustee’s powers can be crafted to address your specific requirements.
Protector:. The Protector provides a check to the Trustee’s power. The Protector can remove and replace the Trustee without court approval.
Temporary Guardianship Document: If you have not died, then your Will has no power. If you become incapacitated, a separate document appoints a Temporary Guardian who steps in to make medical decisions and takes custody of your child until you recover. For example, if you are in a car accident causing a coma, this Temporary Guardian can authorize the doctors to treat your child, and this is the person who takes your child home from the hospital.
Babysitter Medical Authorization: When both parents are unavailable, this document authorizes the caregiver to approve your child’s medical care.
Irrevocable Trust: A Trust can be created for your child while you are alive. An Irrevocable Trust is an excellent tool to protect assets from creditors, keep assets separate from your spouse’s assets, reduce estate and inheritance taxes and remove property that might cause a dispute between your spouse and children at your death. Irrevocable Trusts address many different situations.
If you have any questions about estate planning for the arrival of new child or any other estate planning topics, Please contact us to schedule a free consultation. For more than two decades Klenk Law has focused only on Estate Law. We’ve seen it all, and this experience allows us to explain complex estate planning techniques clearly and concisely. We make it easy for you to understand estate planning for your growing family so you can make the best decisions.
Peter provided outstanding advice and preparation of a will and trusts.
Peter was excellent. He explained everything very clearly and is super friendly. My wife and I originally tried using a lawyer through group legal coverage, but unfortunately the old adage - "you get what you pay for" - applied to the other lawyer, and we decided to go with a real professional.
When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...
AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!
Great friendly staff
Tremendous firm with bright, kind and tenacious people. Great representation for our family.
I'm totally satisfied with Klenk Law. Peter has a great legal mind with the personality of the guy next door.
Everything about my experience was a 10+! Peter and his staff made what I thought would be a difficult process easy and understandable. Every detail was handled correctly. No other firm could possibly do better than Klenk Law!
Peter and his staff are very responsive and always willing to help my clients and in a cost efficient manner.
Like another reviewer, I contacted Peter through his website using the free consultation link, for a question regarding PA inheritance taxes. The question was quite technical and difficult to explain, and the answer was nowhere to be found on the web. Peter grasped precisely what I was asking, and provided a clear, helpful response (with a touch of humor) the very next day.
Answered my question quickly and referred me to a colleague that could handle my problem
Mr. Klenk, quickly understood the circumstances presented and provided clear and concise advice. This advice provided me with the information I required to progress the case to my advantage.
Peter is excellent. I had a very complicated situation with my parents' estate planning and potential Medicaid needs. Peter was very knowledgeable in estate planning matters, able to define the best solution for the situation. Additionally, he was congenial and able to communicate effectively to my senior citizen parents the benefits of estate planning. He earned my trust, and more importantly, my parents' trust in a 45 mins consultation period. Highly recommend Peter. He is very easy to work with.
Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! He was extremely knowledgeable and provided valuable information to the group. People were very engaged and asked several questions, all of which Peter thoroughly answered. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. Thank you, Peter!
Peter provided outstanding advice and preparation of a will and trusts.
Peter explained things in a way that was easy to understand. Everything was done in the time frame he said it. Could not have been better!
You & your staff are the best thank you for everything.
Peter and his staff handled all of our needs in a very professional and timely matter.
Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.
Peter explained a complex subject very clearly, helped us to decide the best approach to managing our estate and then made it very easy for us to execute the required documents. He will be a valuable resource for years to come and clearly has a great understanding of estate law that will lead to innovative solutions for us. I would unhesitatingly recommend him for estate planning.
Fantastic customer service. Very personable and most importantly they provide great explanations of what is required based on your individual needs. Highly recommend Klenk Law for anyone that needs to create a will and estate documents.
Always professional and very responsive. Everyone on the staff that I have worked with. I look forward to continuing our relationship.
Affable...yet surprisingly cerebral estate planning atty. High marks all the way around.
Peter and his associates made things easy for us.