Families rely on the presence and care of those who take on the role of “dad.” Whether you’re a biological father, stepdad, guardian, or uncle, your involvement shapes lives, and thoughtful estate planning can become a lasting expression of that care.
With work, family commitments, sports practice, school dropoff, and daily routines, it’s easy to postpone planning for the future. A well-crafted estate plan helps make sure those you care about stay protected, no matter what comes next.
Below are seven key elements of estate planning every New York father should consider:
1. Name a Guardian for Children Under 18
Naming a guardian in your will guides courts regarding who will care for your children if something happens. New York courts give significant weight to your choice, making this one of the most significant decisions dads can make.
2. Check Beneficiary Designations Carefully
Life insurance policies, retirement accounts, and payable‑on‑death bank accounts bypass both wills and trusts. Outdated or missing beneficiary designations could result in funds going to people you didn’t intend. The regular review ensures your beneficiary designation is consistent with your larger plan.
3. Use a Trust to Manage Inherited Assets
Minors in New York cannot directly inherit assets. A trust lets you control how funds are distributed and used, like for education or health care needs. It also instructs when your children can access these assets and who oversees their use.
4. Set Up a Power of Attorney
A Power of Attorney enables you to give another person the authority to handle your financial matters if you cannot. This avoids the need for your family to go through court to manage your finances during difficult times, such as your incapacity.
5. Create a Health Care Proxy
A Health Care Proxy appoints someone you trust to make medical decisions on your behalf if you are unable. Without it, your family may face delays and uncertainty when urgent health decisions are needed.
6. Plan for Special Needs or Disabilities
If your child or another family member has special needs, a Special Needs Trust can provide financial support without risking their eligibility for public benefits. This planning tool is key to long-term security.
7. Review Your Plan Regularly
Life evolves with job changes, new homes, marriage or divorce, and children. Laws change, too. Reviewing your estate plan regularly or after major life events keeps everything current and effective.
Being a father, or stepping into a fatherly role, is not only about what you do today. It’s about creating a legacy of care and protection. A well-designed estate plan helps make that legacy real, giving clarity and security to the people you love.
At The Law Offices of Tracy R. Field PLLC, we help clients through the estate planning process. We are dedicated to crafting unique solutions that reflect your specific circumstances.
Contact us today to schedule a Discovery Call. We’re here to help you with your estate planning needs.
*This article is intended for informational purposes only and does not constitute legal advice.*
