I blogged last week on choosing a guardian for your children before the government does it for you. Here are some other things to consider in terms of estate planning once you have a child:
Get advice on
life insurance. Maybe you have a good policy through your employer; maybe not. In any event, the birth of a child is a very good time to have your insurance reviewed to make sure you, and your loved ones, are adequately protected.
- Get a will! I cannot stress this enough. In your will, you can name your guardian, but you can also set up a trust to have your children inherit when they are ready, not the day they turn 18.
- If you have a will, update it.Your will should reflect your current circumstances. If you last did your will just after you were married, you might want to change it once children have entered the picture.
There are so many things that overwhelm new parents, and I am sure that adding something that doesn’t appear to be time-sensitive is not going to be at the top of the priority list. It is so important to have your plan set up, however, so that you (and your new bundle of joy) are protected the way you should be.
