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What does a baby have to do with an estate plan?

On Behalf of | Apr 18, 2022 | Uncategorized

If you recently had your first child, spare time will be limited. Many things you’d like to do will likely fall by the wayside as you develop new daily routines at unprecedented – though joyful – exhaustion levels.

It’s hard to focus on the importance of revisiting your estate plan while adapting to becoming a parent. However, it’s crucial to make your wishes for your child a legal reality.

Hopefully, you and your family will enjoy many years together. Life’s unpredictability offers no guarantees, so it’s best to specify what should happen to your child in your absence.

Consider your child’s future

Your co-parent might survive you and provide adequately for your child. Unfortunately, it is best to consider the worst-case scenario and plan accordingly.

Revisiting your estate plan after welcoming an infant into your family allows you to:

  • Name a guardian. A relative may be able to raise your child in your absence. However, a court would determine who that would be, considering your child’s best interests, without legal documents to reference.
  • Save for your child’s financial needs. Your child will be able to receive an inheritance once they turn 18 directly. A trust can help you set aside funds for them and specify how (and when) you’d like to have that money used.

Your circumstances and beliefs will determine how you approach estate planning. But no matter the extent of your assets, you likely consider your child to be your most incredible legacy.

Create some peace of mind by doing everything you can to protect your child’s interests, just in case. Then, you can truly enjoy the precious time you have with your family.