"I just need a will." I get it: new parents want to get organized. And, that's a box that needs checking. It never ceases to amaze me how much chaos such a little person can wreak as a parent myself. So, I yearn for hacks and shortcuts.
One that I found useful early on was a book about helping your newborn to sleep twelve hours by twelve weeks. With a few stumbles along the way, it helped us all sleep more.
As an Estate Planning attorney in Austin, Tx, new parents often come to me and say they just need a will. I'm happy to provide just a will because it provides new parents with the assurance that they, rather than a court, will decide who cares for their child if they cannot.
However, an estate plan is more than just a box-checking exercise. You may have spent hours putting together your baby shower/newborn shopping list. Perhaps like me, you scoured the descriptions of products ruling out those with harmful chemicals.
Do you remember the warmth you felt putting together your newborn's nursery? Getting the colors just right. I would sit in the nursing chair, looking around and imagining what it would be like for my child to see this room as their sanctuary. We know how chaotic the outside world can be. So, we provide a comfortable and serene oasis for our children to ease into their promising lives.
Although to just need a will is necessary for new parents, it isn't sufficient.
Just as a child needs a nursery, they also need a home, and caregivers to nurture and protect them. An estate plan provides your family with a path towards achieving your dreams. And, the estate plans that I provide to clients also can include a comprehensive wealth and retirement plan. Just by having a plan, you increase your chances of success immeasurably. Without a plan, families tend to react to events as they happen. Your family merely drifts along the river of life.
But, with planning, you can seize control of your family's financial destiny.
Having a will checks a box, no doubt. However, at this crucial stage, you have the opportunity to determine the financial success of yourself and your child. Decades from now, you will be able to look back to today and think, this success started then.
An estate plan provides you with the opportunity to decide how you want your assets to distribute, but most importantly, who should care for your child if you can no longer do so.
A wealth plan helps you firm up your current financial situation and puts you on a path towards increasing your resources. With more resources, you have more options. Planning is an investment in your future.
An investment that pays dividends.
Knowing where you want to be financially when your child starts high school, goes to college, or starts their own family is one thing. Knowing how you are going to get from here to there is another. Most families have wishes. But few take action and, through planning, determine how they will achieve those dreams.
Securing your retirement provides another layer of security to your family. By investing in a plan for your successful retirement today, you free your children from the potential burden of having to take care of you. You hear about boomerang kids – but you surely don’t want to be a horseshoe parent – out of necessity (i.e., without an invitation).
With your retirement secured, you can begin the joyful project of ensuring your legacy. Whether by transferring assets at crucial times for your children as they strive for their dreams and/or to charity.
The value of your being able to provide a trampoline for your children or the causes that define you will bring you meaning and endless joy.
You cannot achieve that success with just a will.
Parents who think they just need a will, don't just leave money on the table - they may be sawing it in half.
They think that by skimping on this necessary piece of their financial planning, they save money. However, with years of experience trying to fix poor planning, I can tell you it is expensive.
Many fine lawyers and financial institutions will happily take your wealth from your intended heirs to fix the mistakes you made by thinking that you just needed a will.
My FREE report: The Readiness is All can help you start getting serious about your retirement planning.
As an Estate Planning attorney in Austin, Tx, I am thrilled to help families get organized on their specific paths to financial empowerment.
(By Appointment Only)
14425 Falcon Head Blvd
Austin, TX 78738