The birth of a new child really changes your life. You have to think about how to take care of someone who is completely dependent on you. You need to adjust your schedule — especially your sleep schedule. It can feel like there is just so much to consider.
As you do all of this, one thing you really need to think about is estate planning. If you do not have a plan yet, this is the time to get one down on paper.
Estate planning is not just for assets
The reason new parents don’t do their estate planning immediately is often that they’re just thinking about leaving money and assets. They assume they have a long time to do this, and it also doesn’t feel important to consider how assets get passed down to a baby who is just a few months old.
But estate planning does far more than that. You can use your estate plan to pick a guardian for your child, for instance, so that you know someone will be there to care for your child when needed the most. You can set up a trust to hold your assets until your child is old enough to receive them, even if that’s not for the next 18 years. You can ensure that your child’s needs are met in all of the ways that you expect to meet them personally — even if you are not there to do it.
Creating your plan after the birth of a child
Providing love and support for your new child is your primary job, and estate planning is just one more way that you can do it. Be sure you know what steps to take to get your estate plans off to a great start.