It is essential to plan for the future. It’s one thing to set aside time to discuss schools and tutors with your wife. Still, it’s quite different to wonder what would happen if you disappeared before your child was able to be on their own.Follow these estate planning for new parents steps to make sure your baby will be okay whatever happens.
5 QUESTION YOUNG PARENTS
NEED TO ANSWER BEFORE
DOING ESTATE PLANNING
Plans for the future evolve with time. Young, single people often need a simple
arrangement to clarify how their properties will be allocated. While elderly,
married couples can need more complex plans that include wills, trusts,
healthcare decisions, and powers of attorney.
It is crucial to have an estate plan no matter what stage of life an individual is
in. One of the most critical times to revisit or bring together an estate plan is
after the child is born. The proposal should specify who will care for the children
and how the money will be managed.
Start with these five critical questions before Googling estate planning lawyers
#1 Who Will Look After My Children?
This is one of the most important questions you’ll ask yourself when it comes
to estate planning for new parents, and it’s also one of the most difficult to
answer. Choosing a guardian now will give you peace of mind, ensuring that
your children will be raised by a trusted friend or family member of your choice
if either or both parents pass away.
#2 Are You Covered by Life Insurance?
While there are various reasons to purchase life insurance, one of the most
important is to ensure that your children have the financial stability they need
to pursue their goals. Life insurance will help you pay off debts, retain your
children’s quality of living, and even pay for education when you can no longer
Life insurance plans are not always made equal. An investment planner will
assist you in determining the suitable form of life insurance for your specific
#3 Do You Have a Trust?
Any estate plan’s primary goal is to decide who will get what and when. Avoid
needless uncertainty and misunderstanding by creating a legal declaration that
sets out what you expect to happen to your belongings. If you have minor ones,
a trust will help you determine how and when to transfer money and personal
property to them.
#4 Who Would Manage All