Six Estate Planning Tasks for New Parents
Congratulations! After long months of waiting, your little one is here. For new parents, late night feedings and the demands of caring for a newborn can easily keep you from taking care of important tasks around your home. While you can and should put your normal routine aside to enjoy this special time in your life, there are some tasks which are important to attend to.
If you have not taken the time to create an estate plan, you need to do so now. If you have the appropriate documents in place, you need to change them to reflect your new family member. Completing the following six tasks will help ensure your child is protected in the months and years to come.
Estate Planning for Your New Baby
Estate planning helps to ensure your loved ones are provided for, which is important when little ones are involved. NerdWallet recommends putting the following six tasks on the top of your new parent to do list:
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Create a will: According to Gallup polls, more than half of all adults do not have a legally valid will in place. Even if you have taken the steps to create one in the past, it is important to update it now.
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Establish a trust: By setting up a trust account in your child’s name, you can contribute to it regularly to help ensure their future financial security. It is also important to have in the event anything happens to you, to ensure their needs are provided for.
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Choose a guardian for your child: In the event of an unexpected accident, the odds are your spouse may be involved as well. Take the time to designate a legal guardian.
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Look at your executor and beneficiaries: If you currently have a will, consider how the new family members could impact the rights of current beneficiaries. If you named your spouse as executor, consider whether they will be up to the task while grieving and caring for your child.
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Set up power of attorney: If you have not designated someone as your power of attorney to handle your affairs in the event you are unable to do so, do so now. This ensures your business affairs and financial accounts are protected, and able to be used to provide for your child’s needs.
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Make an end of life plan: While no one wants to contemplate their own mortality, particularly at such as happy time in your life, these plans are important. They make it easier for our loved ones while ensuring our final wishes are conveyed. Designate how you want life support and other end of life issues to be handled as well. Your attitude towards these matters may have changed now that you are a parent.
Let Us Help You Today
At Cavallo & Cavallo, we are here to assist you throughout the different phases of your life. To update important legal documents now that you are a parent, contact our New York estate planning attorneys. We can arrange a consultation in our Bronx or Westchester office to discuss any updates that need to be made.
Resources:
nerdwallet.com/blog/insurance/estate-planning-for-new-parents/
news.gallup.com/poll/191651/majority-not.aspx
