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Estate Planning for New Parents

In: Estate Planning

There are fewer more exciting life events than adding a new member to your family. It is an exciting time, but being a new parent is also a bit overwhelming. Your first priority is naturally protecting your little one in every way that you can, and part of that includes addressing your estate planning. You are young and may think that estate planning is for your parents or grandparents, but it can actually be an important part of planning for your child’s future. You should not hesitate to discuss how to create or update an estate plan after children with an experienced attorney.

Purchase Life Insurance

Your newborn child depends upon you and your spouse for everything and will continue to depend on you – in evolving ways – for many years to come. If either you or your spouse were to pass away, it would leave the other to care for your child on your own, which is obviously a significant financial and emotional hardship. A solid life insurance policy can help ensure that the surviving parent will be able to carry on raising and providing for your child in a stable home. Some life insurance policies can also be used to help finance children’s college educations.

Create a Will and Name Your Child’s Guardian

As young parents, you need a will. While this will should address how your possessions will be distributed upon the unlikely event of your passing, you’re just starting out, and you probably haven’t amassed a great deal of assets at this point. One important reason for creating a will this early in the game is to name a guardian for your child. If you and your child’s other parent can no longer raise him or her, you want to be in control of who will take over in your absence. Designate the guardian whom you believe will raise your child with the most love, care, and attention and who shares your values. You don’t want the decision about who will raise your child to be left to the court.

Keep Your Beneficiaries Updated

You likely have several financial instruments that involve you naming a beneficiary. These typically include insurance policies and retirement accounts through you and your spouse’s employers. Generally, you and your spouse will keep yourselves as each other’s primary beneficiary. However, as you have children, you’ll want to make sure that you add them as your secondary beneficiaries. Life has a way of surprising us and keeping your estate planning updated is a good way to help ensure that your children will be taken care of well into their futures.

If You Have Estate-Planning Concerns, a Boca Raton Estate Planning Attorney Can Help

Your children should always be a top priority, and your estate plan should reflect your intentions for their futures. The compassionate estate planning attorneys at Ged Lawyers, LLP, in Boca Raton will work closely with you to help ensure that your estate planning needs are effectively covered. For more information, please don’t hesitate to contact us online or call us at 561-562-4170 today.