Congratulations on your decision to start a family!
Having children is fun, exciting and rewarding but there is of course a lot of responsibility involved and it can be overwhelming at times. At Foresight Legal we strive to make every one of your Life Events a little easier and more organized.
Some things to think about…
Although legal matters may be the last thing on your mind, you should begin thinking about the following legal documents and whether they make sense for you.
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Last Will and Testament
A will is a legal declaration where a person, the testator, names one or more people to manage his or her estate and provides for the transfer of his or her property at death.
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Codicil to Will (To Add Child(ren))
When you have a new child, it is important to update your will to include your new child, so that he or she is included, and to avoid unnecessary probate expenses. In order to update your will, you don’t need to rewrite the entire thing. All you need to do is create a codicil (modification to the will) and specify what part of the will you would like changed so that your new child is included. Reference the location and the specific language you will be affecting. Be as clear and precise as possible to avoid undue complications. This form is not a substitute for legal advice. When making a codicil, it is highly recommended to seek the advice of a qualified estate planning attorney to avoid complications and assure that your codicil states your modified wishes.
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Transfer Under Uniform Gift to Minor Act
Under the Uniform Gift to Minors Act (UGMA) or the Uniform Transfer to Minors Act (UTMA), depending on which law applies in your state, an account can be established for a child. The purpose of the account is to permit someone to make gifts or transfers of property to a minor without setting up a trust. The transfers made to this type of an account are considered an irrevocable transfer to the minor in whose name the account is registered. Use this document to transfer gifts or property to a minor through a UGMA or UTMA account. Once you complete all three parts, you will have a Children’s Trust that you can print. After you print the Children’s Trust, you will need to have it signed by two witnesses and notorized before taking it to your attorney.
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Life Insurance Beneficiary Change Request – General
A beneficiary of a life insurance policy is the person or entity that will receive proceeds from the policy upon the death of the insured or expiration of the policy. If you have designated someone as the beneficiary of your life insurance policy and you wish to remove that person as beneficiary and name someone else, use this document to do so and then send it to your life insurance carrier. Be sure you have met all of the requirements of your insurance company to change beneficiaries.
