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New baby? It’s time to update your estate plan

On Behalf of | Jun 16, 2022 | Estate Planning |

It is an almost magical time in your life when you find out that you’re having a child. At the same time, there can be many fears that come with the idea of bringing a child into the world.

Among them may be a concern about what will happen to your child if you or your partner ever pass away or are unable to care for them. Fortunately, you can put your mind at ease by working on an estate plan and setting up plans for how your child will be supported if the worst comes to pass.

Choosing a guardian for your child

One of the first things you should do is choose a guardian for your child. You can choose more than one if you’d like, which will help make sure at least one person is available to take over their care if you are incapacitated or pass away.

Of course, it’s reasonable to think that your spouse or your children’s other parent will take over if you die, but you want to plan for the worst-case scenario. If you’re both gone, who would you want to have provide for them?

Setting up a trust for your child

Another thing that you may want to do is to set up a trust for your child. A trust could receive the payout from your life insurance policy, for example, and then the trustee could make sure that your child receives that money when the conditions of the trust are met.

When choosing important estate plan features, talk to those around you

It’s important to talk to the people who may want to take over your child’s care if you pass away and let them know if you want to put them into your estate plan as a guardian. You should also talk to your attorney and accountants to make sure you have the right information to make decisions regarding your child’s care if you can’t be there to provide for them in the future.

Taking these steps now can help you protect your child if the need ever arises.