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Why do new parents need an estate plan?

On Behalf of | Sep 13, 2022 | Wills |

Just had a new child? Don’t yet have an estate plan? Then creating one is more urgent than ever.

Here is why you need to focus on paperwork for a moment rather than your baby:

Your child needs to be able to survive without you

We don’t all get to die at a ripe old age. Sometimes death takes people away too young. What would happen to your child if you, as parents, were to die prematurely? Who would raise them? Who would fund their upbringing?

You need to name a guardian and think about how to make your assets available to help them rear your child should the need occur. Ask the person, then write it into your estate plan. If you do not, the decision on who to appoint will be left to a court, and they might not make the same choice as you.

Add your child to your will

You may as well get this done now, as it is easy to forget to update wills. As you gain more children or assets throughout your life, you should review your estate plan to account for this. If you don’t, it will delay the distribution of your estate, as a probate court will need to sort things out. It can also cause problems between family members if one child feels they have not got their fair share.

Making an estate plan can seem like an overwhelming prospect, which is why so many people put it off. Yet, as the parent of a newborn, you must get one in place. Get legal help to make it easier.