Review your estate plan if you have a newborn

| Oct 24, 2020 | Estate Planning |

When you have a new child in your arms, it’s one of the most wonderful things that can happen for you and for your family. As a parent, you are taking on a lot of responsibility, though. You may have concerns about your child as you grow older and may be worried about how they’ll be cared for if you can’t be there for them.

Fortunately, most children do have two parents to rely on, and the likelihood of both parents passing away or being unable to care for them is low. However, it’s still smart to talk to your attorney about adding a guardianship designation in your estate plan. You may also want to take time to set up a trust so that there are funds available for your child when they need them.

What should you do to build a good protective net for your child in your estate plan?

It’s wise to talk to your attorney about your specific concerns, but some good ways to add protections for your child in your estate plan include:

  • Setting up trust funds for them in adulthood
  • Considering creating college trusts
  • Setting guardian designations (at least two people, if not more, in case one is unavailable)
  • Setting aside assets specifically for your child

Your child is still young, and you are likely not going anywhere soon, but in the case that you do fall ill or pass away, making these simple changes to your estate plan can give you the peace of mind you need to know that your child will always be cared for.