The moment your child is born, any prior estate plan you may have is out of date. If you haven’t yet made an estate plan, now is the ideal time to do it because your child’s future well-being could come to depend on it.
Every day people lose their life when they least expect to. Not all new parents get to see their children grow up so you need to prepare just in case. These are the things you need to consider:
Who will take your place?
Clearly, no one can take your place, but someone has to step up and parent your child. The default option in most cases will be your partner, but what if you don’t have one? Or what if they are killed in the same incident as you?
The legal term for the person that takes on this role is a guardian, and if you do not name one in a legal document, a court to appoint one. Clearly, it is preferable to choose that person yourself. Make sure you consult them first as it is a massive responsibility.
How can you help fund your child’s upbringing?
Maybe you do not have a lot of assets yet but that does not mean you can’t have something to leave your child. If you do not hold life insurance, now may be a good time to take it out. Consider legal help to learn how you can set it up so this and other assets will be made available for your child’s benefit.
Hopefully, you will never need to call on these measures, but having them in place is best. Experienced legal guidance can help you make sure that you have the right plans in place for your needs.