When my husband and I found out we were expecting our first child, it was a rush of emotions. We were thrilled, nervous, and excited. A few weeks in, reality started to set in. We were going to be parents. What did we need to do to make sure our bundle of joy would be taken care of if something happened to us? We are both planners, so this was a huge concern.
If you are in the same boat – and either expecting a bundle of joy in the next few months or recently brought one into the world – read on!
The Will
One of the most important things you can do is draft (and execute!) a will. In your will, you will be able to name guardians for your children should you pass away. In a will, you are even able to name secondary and tertiary guardians in case your first choice cannot serve for some reason.
Your will can also direct how you would like your assets to be divided at your death. If you have multiple children or children from multiple marriages, this can be important.
Healthcare Proxy and Durable Power of Attorney
One of my biggest concerns was something going wrong during labor and me not being able to speak for myself. Therefore, I made sure to appoint my husband as power of attorney and healthcare proxy in case I became incapacitated and needed someone to act or make decisions on my behalf. Even after labor, a healthcare proxy and power of attorney are important roles that you need to have assigned to someone. Assigning these roles ahead of time can ensure you are taken care of should the unthinkable happen. It also prevents a “mad dash” to the courts (or worse!) in the event you do become incapacitated.
Living Will
Another important document is a living will. This document serves to provide instructions about how certain medical situations should be handled if you are unable to speak for yourself. This can not only ensure you are treated how you want to be treated, but also makes it so family does not have to make those tough decisions when they’re in an emotional state themselves.
Conclusion
While these three documents are not an exhaustive list of what you should do in preparation for your new baby, they are a good start. If you are expecting a baby, or recently brought one into your world (yes, adoption counts, too!), contact an estate planning lawyer today.