Being a new parent is an exciting thing. However, along with the joy that comes with welcoming a child into one’s home is the constant fear and worry that one will be able to protect and provide for the new addition to the family. Estate planning is a simple thing that new parents in Michigan can do to help ease some of their worries.
Why is estate planning something to consider doing sooner rather than later? No one knows what the future will bring. No one knows if they will become incapacitated or die at an early age. If one has minor children at home when either of those things happens, and there is no plan in place for who will take care of the kids, the courts may get to decide their future. Who wants that?
To truly protect children and make sure they end up where and with whom one wishes, one can create a will that includes a guardian designation. With this in place, there will be no question about where the children should go should the need arise. Along with creating a will, it is also suggested that new parents consider:
- Obtaining life insurance
- Setting up a trust
- Updating beneficiary designations
Having a child may not change everything in one’s life, but it does change a lot. Having another person to be accountable for can be overwhelming for many Michigan residents. While estate planning will not calm all of one’s worries, it can grant some peace of mind. If the worst were to happen, it is nice to know one’s child will be OK.