Why New Parents Need Wills

Why do new parents need wills?  For one thing, with a child, without a trust within the will, if either parent dies and leaves property to a child, a gaurdian will have to file a report with the court every year until the child reaches 18.  Secondly, the new parents need to communicate through their estate planning how they want their propery distributed.  Thirdly, if both parents die, their wills can state whom they want to raise their children. Fourthly, if the parents want their estate to be confidential, then they need a revocable living trust.  Finally, if together their joint estates are valued at $1 million total, then they either need a marital deduction clause or a life insurance trust.  That is because as of Jan. 1, 2011, all esates > $1 mill. are subject to the estate tax.  The cost and time to file reports every year is high, and estate taxes are very high - as high as 55%.

I also recommend a "couple checkup" for all new or expectant parents.  Everyone knows while children always bring joy, they also bring changes to new parents' relationship as a couple.  www.couplecheckup.com is a great couples' checkup and for a limited time, Hiller and Associates is offering this checkup free if the new parents have at least a simple will package done with Hiller and Associates.

While it may seem strange that a law firm is offering a couples' checkup, Hiller & Associates are full service family and estate lawyers and marriage coaches and want to be sure all couples are given the best opportunity to succeed in their marriage and financially.