As a new parent, you have a lot of things to think about, especially when it comes to providing for your baby. Many new parents focus on the basics, such as making sure the baby is eating and healthy. While it’s not a pleasant thought, you should add creating an estate plan to your to-do list.
Your estate plan provides the instructions for caring for your child if you pass away before they become adults. You’ll have to think about some difficult issues, but these will all help you ensure that your child is raised in the manner you desire.
Who will take care of the children?
You need to name a guardian for the children in your will. This is the person who will raise them for you. Ideally, you’ll choose someone close to your own age who has the ability to make mature decisions for the children. Talk to the person about the responsibility and make sure they’re up for it.
How can you provide financial support?
You can provide financial support for your children through the use of a will and/or a trust. You can name someone to administer the finances involved, but that person doesn’t have to be the guardian of the children. You can also use payable on death designations to hand your bank accounts over to someone who you know will use the money to support the children – or direct that money into your estate or the trust you have established.
Taking the time to get your estate plan in order can help you to ensure that your children are taken care of if anything happens to you. Because creating an estate plan as a new parent involves a lot of difficult questions, experienced legal guidance is best.