If the stork is on his way, add estate planning to your list of things to do as expectant parents. It may not be as fun as picking out nursery colors or planning the baby shower, but it’s much more important!
Estate and financial plans updated for a little one on the way will include:
- A selected legal guardian for your child
- Updated Will and Last Testament
- Legal documents every adult should have in place, like the Durable Power of Attorney (if not done already)
- Perhaps a college savings account, like a 529 plan
- Updated life insurance policy
- Possibly a disability insurance policy
- Updated health insurance policy
You’ll thank yourselves for having one less thing on your evolving to-do list in the first year when you’re a touch sleep deprived. Besides, if you do have a babysitter in place one afternoon, would you rather spend that afternoon at an attorney’s office – or spend it enjoying some well-deserved rest and relaxation with your partner to kick off date night?
The issues around your child’s future guardian are especially involved and will require a little more thought than the other legal documents and insurance policies. Merrell Bailey’s post, Who Will Raise My Children if I Die Without Naming a Guardian, breaks down what happens if no one is named, and if you and your partner have “gotten on the bus.” It also addresses trust-based planning and will-based planning in considering the future guardian’s ability to be a good steward of your child’s funds.
There’s nothing like peace of mind for a good sleep. Knowing that your family will be provided for in a worst-case scenario is part of that peace of mind. And you’re going to need all the sleep you can get!
If you would like to create or update your estate plan for your newest family member, please call our office. We’d love to work with you. 407-622-1900.