Whether new parents already have an estate plan in place or they have never so much as drafted a will, the arrival of a new family member should serve as inspiration to get their affairs in order. Having a proper estate plan in place can both ensure that someone whom a child’s parents trust is named as a guardian should they die unexpectedly and that the child is taken care of financially under those circumstances.
Thinking about a time when you might not be around to care for your child’s needs can be agonizing. However, as your child’s parent, know that they need you to take action on their behalf because they are too young and vulnerable to advocate for their own needs.
It can be difficult to keep one’s mind on complicated tasks like estate planning when one is a new, sleep-deprived parent. However, as you’re holding your child at night and thinking about how you’d do anything to keep them from genuine harm, it’s important to harness that love and care so that you can channel it into making actual estate planning efforts to keep them from genuine harm.
By seeking legal guidance, you’ll be able to personalize your estate plan to meet your family’s unique needs. Whether you “only” need to name a guardian for your child in the event of your untimely death or you’re interested in creating a trust in their name, updating your beneficiary designations on a number of your financial policies, etc. a legal professional can help.
And once you’ve made this effort, you’ll be able to sleep easier – when your child lets you – knowing that they’ll be taken care of if something happens to you.