Nancy F. Slater (Retired)

Estate planning tips for new parents

On Behalf of | Apr 5, 2021 | Estate Planning |

Thinking about taking care of their baby is a new parent’s biggest priority. While they may make sure that the child’s immediate needs are met, however,  many new parents don’t stop to think about what will happen to their child if both parents should suddenly pass away. 

This isn’t something that’s pleasant to think about, but making sure that you have plans in case something does happen is important. You can do this with your estate plan. Ensuring that you have everything in order can protect your children and their future.

Who will raise your children?

Part of your estate planning involves asking who is best suited to be your child’s guardian and raise them if you’re unable to do so. The guardian you choose should be someone who is physically, emotionally and mentally able to handle the job. 

It’s also important to have a backup plan. Sometimes, the first guardian named will also pass away or become incapacitated. Having a second guardian in place helps provide additional stability for your child.

What financial support can you offer?

Another part of estate planning for new parents involves looking ahead at their child’s financial security, as well. That can include things like a review of your existing insurance policies, creating a will that clearly spells out your wishes and funding a trust with any assets that exist upon your death. There are a lot of options — and a lot of decisions that need to be made.

All new parents must get their affairs in order so their child’s future is secure — even if the worst would happen and their parents aren’t a part of that future. Working with an attorney who’s familiar with this aspect of estate planning is beneficial.