Experts recommend creating an estate plan before your due date
Having a baby is one of life’s most significant hallmark moments for parents, and there’s a lot to do to prepare for your new family member to arrive. One of the to-do items that can slip through the cracks is setting up or updating your Will and estate plan before your baby’s due date. Why is this so important?
What’s the significance of planning before the child arrives? Let’s break down four reasons why it’s vital to have a Will in place before your child’s birth.
4 ways an estate plan protects you and your child
Having a Will, in general, is critical, and it’s essential for parents who are expecting to know how a Will can safeguard them and their child if one of life’s many unpredictable events comes up. Keep reading to learn how proper estate planning can protect and make critical decisions if you cannot.
1. Allows you to set up a medical directive
You never know what can happen during any medical procedure. A medical directive can decide how long a parent will stay on life support if she goes into a coma, for example, or state important decisions such as what should be prioritized in certain situations. Without one, doctors will have to make those critical calls to the best of their ability, without your say.
2. Designates who will care for your new baby if you can’t
When you have a child, it is critical to put protections in place to ensure they’re well cared for, should something ever happen to you. One of the ways you can do that is to designate a guardian if you’re not there to care for them yourself.
If you unexpectedly pass away without a Will in place, you will not get a say in who cares for your child, and the person that the court ends up appointing to be your child’s guardian might not be who would have chosen.
3. Stipulates who can act on your behalf regarding legal and business matters
It’s a smart idea to set up a Healthcare Power of Attorney who can designate someone as your legal and business voice if you’re not able to. Life is unexpected, and while it’s not that fun of a topic to discuss, it’s important to think about the types of scenarios that can pop up unexpectedly so you can be prepared.
4. Allows you to leave assets for your new baby
A Will also protects your child by allowing you the opportunity to leave behind your assets (including your home, car, special possessions, and everything else you own) or set up a trust.
Talk to your lawyer about creating an estate plan
LegalShield makes creating a Will easy and quick. Talk to your LegalShield lawyer to discuss your estate planning options.