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Why young parents should establish an estate plan

| Nov 8, 2021 | Uncategorized |

Having a new baby is a delightful experience for the new parents. While they might start to think about how to afford the baby’s needs and plan for the future long before their infant is here, they may forget about creating an estate plan that takes their needs into account. 

You will need to discuss several things as you prepare to welcome a baby into your family. This includes estate planning. Any plan that you devise must be customized to meet your family’s needs. 

Set up guardianship

If something happens to you, someone will have to raise your child. You can have a say in this by naming someone as guardian over your kids. This person should be prepared to raise your child as you would if you were still alive. They should be able to keep up with your kids and handle the responsibility in raising them. You can also name a backup person in case your primary designee can’t take on the responsibilities when the time comes.

Help with finances

You can help with the cost of raising your child by using your estate plan. You can set up financial accounts to have payable on death designations so that the funds will go to the person caring for your child. You can also use trusts and your will to provide financial help for your child. 

Anyone who’s expanding their family should ensure that they have everything with their estate covered. It’s best to do this as soon as possible so you can sleep a bit easier knowing that everything is in order. Working with someone who’s familiar with estate planning for young families is beneficial.