“What would happen to my children if something happened to me and my spouse? How do I protect my children as a new parent?” With simple estate planning, you can easily ensure that your children would be raised by the person you choose and that your children would not inherit everything at age 18, but at the ages and stages you want them to inherit. 

San Diego’s “The Parent Connection,” a non-profit sponsored by Scripps Hospitals, is hosting a seminar with guidance for new parents.

Estate planning and early financial decisions are  important for every new parent.  Making plans for your possible death or incapacity is an important part of your new responsibilities.  It may not be an pleasant task, but that doesn’t mean that you can just cross your fingers and hope that the worst won’t happen to you.  A well-versed estate planning lawyer can walk you through the maze of choices you need to make as a responsible parent.

Daniel K. Printz, Esq., an estate planning attorney and adjunct faculty member at the University of San Diego, and Kristin Barron, a financial planner,  will discuss how to avoid probate, how to be prepared to cover the issues of incapacity, how to secure your financial future as well as your child’s college education. You’ll have the opportunity to learn about 529 plans, education and Roth IRAs, UTMA accounts and alternative investments.

Date: Saturday, January 22, 2011          **** Activities will be available for children ****

Time: 9:30 am to 11:30 am

Location: Scripps Coastal Medical Center, Eastlake — 971 Lane Avenue, Chula Vista, 91914 

This event is free for Parent Connection members, $10 for nonmembers. Registration for nonmembers will be reimbursed; provide receipt at the event.  Register by calling the Law Office of Daniel K. Printz at (858) 720-8250 OR online at http://www.sandiegoparent.com/TPC/event/signup.html.

You should review your estate planning documents periodically. If it is not up to date when you die, your estate may not be distributed as you wish.

Your Trust can be changed through an Amendment, a legal document that must be drafted and executed with the same procedure that applies to Trusts. Do not change your documents by writing on them or by crossing out words or sentences.

You should review your plan when:

• You get married or divorced
• There are major changes in your family (births or deaths)
• Your children come of age
• You receive a windfall or significant loss of assets
• You no longer find your choice of guardian or executor appropriate
• It has been 3 years since your last review

What should you put into your Letter? Here are some suggestions:

Tell where copies of your will and/or revocable living trust can be found and where the originals are kept. Also give the names, addresses and telephone numbers of all personal representatives, executors, trustees, lawyers, conservators or guardians involved, and explain any potentially puzzling provisions that the documents may contain.

List essential papers and records and tell where they can be found. What’s important?  Birth Certificate, Marriage Certificate, Citizenship Papers (if any), Judgment of Divorce, Living Trust/Wills, etc. 

You also might want to give funeral instructions (those should also be in your Advance Health Care Directive / Living Will).

List your life insurance agent.  You should also mention any medical or disability insurance that might cover medical bills charged to the estate.

I do *not* recommend you list bank accounts, but it would be useful to tell your executor where they can get quick cash — there will be some immediate expenses after death.

Give the names and addresses of your employer, and well as any fraternal organizations or unions you belong to. They may provide death benefits or burial expenses. In addition, give your Social Security Number.

If you own real estate in addition to your house, give the same information about it, along with the names of your real estate and insurance brokers.

List all your personal property and how you would like it distributed if you have not done so in your will or a Separate Written Statement authorized in your will or trust—but keep in mind that your instructions will not be binding unless specifically mentioned in the will, trust, or Separate Written Statement. 

Make a list of major debts you owe and major debts that other persons owe to you. Tell precisely how you want these matters settled, including whether you want to forgive any debts owed to you.

Tell where to locate copies of your past tax returns, where current tax information can be found, and name your CPA or tax preparer.

List any trusts under which you are named as a beneficiary, or any trusts set up by others under which your heirs are beneficiaries. Give the names and addresses of all persons involved, including attorneys.

List the names, addresses and telephone numbers of your parents, if living, and of any other relatives or close friends who should be notified of your death. Also give the names and addresses of your employer and any close associates at work.

Give the names and addresses of any lawyers, accountants, brokers and the like not already mentioned who might be helpful to your survivors.

Does this sound like a good idea?  Try drafting one for yourself!  If nothing else the exercise is bound to remind you of things you need to prepare for yourself.

Your Trust can be changed through an Amendment, a legal document that must be drafted and executed with the same procedure that applies to Trusts. Do not change your documents by writing on them or by crossing out words or sentences.

You should review your plan when:

• You get married or divorced
• There are major changes in your family (births or deaths)
• Your children come of age
• You receive a windfall or significant loss of assets
• You no longer find your choice of guardian or executor appropriate
• It has been 3 years since your last review