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What estate planning should you do when expecting a child?

| Apr 27, 2021 | Estate Planning |

Pregnancy can seem longer than the nine months it actually is. It may progress much more quickly than you expect, though.

One important thing to address when expecting a child is meeting with an estate planning attorney. There are multiple reasons why you might want to do this.

Drafting or updating your will

One detail that estate planning attorneys often mention is the importance of engaging in estate planning early. They also often recommend that you regularly revisit these plans to ensure they reflect your interests as you move through the different phases of your life.

A good rule of thumb is to draft a will or revisit it as you enter new chapters in your life. There’s no better time to do so than when you’re expecting a child.

You’ll need to consider a few different matters before scheduling an appointment to meet with an estate planning attorney. These typically include who you’d like to appoint to the following roles:

  • Executor: The person who administers your estate
  • Guardian: The person who would care for your child if you were unable to do so

You’ll want anyone that you select for either one of these roles to be both responsible and trustworthy. You may want to look for a few additional attributes in a guardian, especially since they may have a hand in raising your child.

Identifying the ideal guardian for your child

You may find it helpful to make a shortlist of prospective candidates for guardian based on how well they perform based on the following indicators:

  • Your candidate shares a solid relationship with their partner
  • They have a parenting style that aligns with your own
  • Your kids get along well with your prospective guardian’s children

You may also want to gain some perspective as to whether your candidate for guardian responsibly manages their finances. This may help you determine if they’d be good stewards of the money you set aside in a trust to raise your child.

Getting the estate planning ball rolling

Drafting a will is only one component of estate planning. An attorney can advise you of the benefits of changing beneficiary designations and setting up a trust if you so choose.

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