Having a child is a major life change, but it is one that comes with some new responsibilities. You need to consider making plans for your child’s future. One of these plans should be setting up your estate plan so that your children are taken care of if you pass away.
Almost 64% of adults in this country don’t have a basic will set up. This isn’t acceptable as a new parent. Instead, you need to get things together so that your children won’t have to worry about where they are going to live or who is going to help take care of them. A comprehensive estate plan is something that you shouldn’t put off any longer.
Choose who will raise your child
One of the biggest decisions you have to make is who will raise your children. The guardian you choose for your child should be able to raise them in a similar manner that you’d raise them. You don’t need to have someone with vastly different values raising them because you won’t be there to help them learn your values.
The person you choose must also be able to put in the time and energy into raising the child. Some people automatically think about naming their own parents as guardians; however, think realistically about how well your parents will be able to handle the task.
Set up a financial plan for their future
Raising a child is a costly undertaking. Setting up a plan for this can help your children and it can make things a little easier for their guardian. You need to set up a plan for your life insurance policy and your other assets. Don’t forget about setting the payable on death designation on your financial accounts so that you’re able to provide some financial assistance during the initial time that they have the children.
Discuss your plans
You should discuss your plans for the children with the individuals who would remain within their life. This gives them a chance to ask questions and get clarifications about anything they don’t fully understand. It’s also a good opportunity to lay out anything special that you want or don’t want for them.
Making sure that you have everything outlined exactly as you intend in the estate plan can help to provide the stability that you need for your children. Once you create the plan, don’t just forget about it. Evaluate it periodically to ensure that it still meets your needs.