You are expecting! Having a baby is one of the greatest joys in the world. You have a lot of reason to celebrate.
However, it is also important to create an estate plan before your child arrives. Establishing a will, various trust instruments, guardianships and other estate planning instruments is probably not the first thing on your mind as you prepare for the arrival of your child, but it is a critical step to ensure your family’s well being. According to whattoexpect.com, “having a will is one of the most important things you can do to protect your family, and it’s especially crucial to have one once you have children who depend on you.”
Here are three reasons why you should create your estate plan before your baby arrives:
- Your spouse and child should be in your will.
In the worst case scenario, it is important to make sure your spouse AND your child are both clearly named in your will as your beneficiaries. Too many people forget to add these important family members until it is too late.
Rather than leave your financial legacy in the hands of fate, take control now by establishing an estate plan before your first child is born.
- Life does not get any easier after your first child.
One of the main reasons people delay when it comes to establishing their estate plans is because they feel too busy. They wait in hope of an easier time when things “slow down” for them.
Although you do probably feel busy right now, it is important to note that your life will probably not be getting easier once your child arrives. If you are like every couple who has ever had a child, you can safely bet that it will only become increasingly difficult to carve out the time for estate planning once your child is born.
- You should establish a guardian for your child.
People often forget about guardianships. If, for some unforeseen reason, your child needs to be cared for by someone else, you want to have control over who that person in and the manner in which that person cares for your child. By establishing a guardianship ahead of time as part of your estate plan, you can rest assured that your child will be in good hands.
If you are about to have a child, you should talk with an estate planning lawyer who can help you create a plan that will leave your assets to your loved ones and prepare for unforeseen circumstances.