Becoming a parent is a transformative experience. As you welcome a new life into your family, you’ll likely experience a heightened sense of responsibility. Diapers, seemingly endless laundry and sleepless nights are just the beginning. One responsibility, often overlooked by new parents, is the need to engage in estate planning.
It can be tough to think about a crash resulting in a coma or an early death leading you to no longer being in a position to care for your child. But, because you run risks like this every day, you need to consider the consequences of failing to plan for your estate now.
Making this effort now is particularly important
Imagine a scenario where your child doesn’t have you or your partner to rely on. Who would you want to step in as their guardian? Without a will specifying your wishes, the court will make that decision. You don’t want the state determining your child’s fate, so you need to take steps to preserve that right.
Additionally, it’s important to keep in mind that a well-crafted estate plan can help you to better ensure your child’s educational and personal needs are met, even if you’re not around. Without a proper estate plan, your assets could end up in probate, a lengthy and public legal process that could strip your estate of resources that could otherwise be used to benefit your child.
No one likes contemplating their own mortality, especially when celebrating a new life. However, knowing that you’ve made provisions for your child’s future in case the unthinkable happens can provide you with invaluable peace of mind and your child with the support they will almost certainly need if you’re no longer around to provide them with support in person.