As summer winds down, excited parents anxiously send their children off to school anticipating the future that awaits their kids. This gives us hope, but also reminds parents of the planning necessary to ensure the opportunities we desire for our children remain intact. In this two-part series, we will discuss common estate planning measures that should be considered by parents with young children. In this post we focus on estate planning for new parents.
When a family welcomes the birth or adoption of a new child the to-do list can seem never ending. One item that should not be overlooked is establishing an estate plan which ensures your child’s future emotional, physical, educational, and financial well-being is protected if you become unable to care for them yourself.
The preparation of legally binding estate planning documents – including wills, trusts, financial and healthcare powers of attorneys, and living wills – that are customized to your unique situation is crucial to protecting and providing for your children. In addition, beneficiary designations for life insurance, retirement accounts, and other assets need to be reviewed and changed if necessary to accommodate your estate plans.
Having to plan for a moment where you can no longer care for your children can be difficult for many parents. But just like the other safety precautions parents take when baby-proofing, estate planning is a necessary precaution to protect against any future uncertainties.