Comprehensive Estate Planning And Probate Advocacy

Tips for updating your estate plan after having a baby

On Behalf of | May 6, 2024 | Estate Planning

Welcoming a new baby into your family is a joyous occasion, but it also comes with new responsibilities. One important task many parents overlook is updating their estate plan to protect their children.

Here, you can learn more about updating your estate plan after bringing a new baby home.

Reviewing existing documents

Before making any changes, review your existing estate planning documents, including your will, trust and any powers of attorney, and determine whether they need to be updated to reflect your new parental status. You may need to add your new child to the documents or make other related changes.

Naming guardians

One of the most critical decisions you’ll make as a new parent is choosing a guardian for your child in the event of your incapacitation or death. Discuss this decision with your partner and select someone you trust to raise your child according to your wishes.

Updating beneficiaries

With the arrival of a new baby, you may want to revise the beneficiaries listed in your will, trust, retirement accounts and life insurance policies. Ensure that your child is included as a beneficiary and consider how assets will be distributed to them.

Establishing a trust

Creating a trust offers additional protection for your child’s inheritance. Consider creating a trust that specifies how the assets should be managed and distributed. You can even set an age or date when your child can access the assets themselves.

Updating healthcare documents

Review and update your healthcare directives and powers of attorney. Make sure they reflect your wishes regarding medical care for yourself and your child. If you cannot do so, designate someone to handle healthcare decisions for you.

Updating your estate plan after having a baby is crucial in safeguarding your child’s future. By reviewing and revising your documents, you can provide peace of mind, knowing that your child will be taken care of based on your instructions.