Are you a new parent? Time for first estate-planning steps

| Sep 29, 2019 | Wills & Trusts

If you and your significant other have just had your first child, your hands are full. There a long list of important things for new moms and dads to take care of. But one of those things that should be on that long list for new Brevard County parents is estate planning.

Many might shake their heads at the very notion that young, healthy parents should think about estate planning, but this is the very time to make decisions about securing your baby’s future should the very worst happen to her or his parents.

A recent article in a personal finance publication argues that one of the very first things new parents should buy (after diapers, cute baby hats and onesies) is life insurance.

As every parent knows, raising a child is expensive. So if one parent dies, life insurance ensures that sufficient funds will be available to the surviving family members to carry on with some financial security.

Other estate-planning steps for new parents to take include the following:

  • Make a will: sit down with an estate-planning attorney and designate who will get your possessions. And you will also be able to name your child’s guardian should the worst happen and both parents are no longer around to care for him or her.

By naming a guardian, you avoid having family members fight over your child, and you avoid putting the decision into the state of Florida’s lap.

  • Set up a trust: this will enable you to put your child’s inheritance where you want it in the event of your death. You can have them take control of those assets or you can name someone else to manage the trust’s assets.

There are several other estate-planning steps you can talk over with a qualified attorney and then take to safeguard your child’s future.