Expecting a child can be an exciting and nerve-wracking experience. There’s so much to do and so much to learn. If you’re expecting, one of the most important things you should do is organize your estate plan. Estate planning for new parents can be confusing and complex, but we are here to help.

Estate Planning for New Parents

Whether you’re adopting or giving birth, whether it’s your first child or your fifth, you must have an estate plan for the benefit of your minor child. This is a task that is often forgotten amongst the diaper buying, nursery prep, and sleep both parents try to get before baby gets here! Below are some important considerations for new parents.

“Living Documents”

Your “living documents” include a health care surrogate and durable power of attorney. By properly appointing these two positions (they can be served by the same person, or two different people), you are taking an important first step. These documents will help ensure if you become incapacitated, someone else can access funds for your child’s needs and make health care decisions for you.

Appointing a Guardian

Another important step is appointing a guardian. The guardian you appoint will be responsible for caring for your child if you (and the child’s other parent) are unable to do so. While the guardian you appoint is often given great weight by the court, the court may select a different guardian in certain circumstances. The courts always ask, “what is in the best interest of the child?” and make decisions based on that. When selecting a guardian for your minor child(ren), you should always consider what is best for your child.

You must have a discussion with your child’s other parent about who should be appointed guardian. Once someone has been agreed upon, you should always ask the guardian if they would accept the responsibility. While being appointed guardian is a great honor, it is also a tremendous responsibility.

Appointing a Trustee

A trustee will control any money left to your children. They will ensure bills are paid, income taxes are filed, and invest any leftover money. This appointment is also very important, and should be agreed upon by both parents. Once a trustee has been agreed upon, the parents should go to the trustee to confirm their willingness to serve.

Review Your Life Insurance Policies

If you have life insurance, you want to review your policies to ensure that they are high enough and have the proper beneficiaries appointed. You cannot appoint a minor child to be the beneficiary of a life insurance policy, so to achieve that goal, a trust may be needed. That is something to discuss with your estate planning attorney.

Need Help with Estate Planning for New Parents?

If you are a new parent and need help with your estate plan, contact a local attorney today. At Wildoner Law, PLLC, our attorney Kaitlin Wildoner is passionate about helping new parents get their estate plans set up so their minor children are protected.