Nothing is more exciting than welcoming a new child into the world. As you cherish your family’s new addition, you are likely imagining all the potential and rejoicing at the possibilities. Estate planning may sound like a dire response to this celebratory phase of your life, but it is, in fact, a necessary and wise move to make after you have a baby. Consider the following reasons it may be beneficial.
It is important, too, that you partner with a trusted legal consultant when you are working on your estate plan. An experienced attorney can help you get the most out of your trust and ensure that it provides for everything your child will need. Learn more ways you should establish a trust.
1. Appoint a guardian
You might think that a trust is a purely financial matter, but on the contrary, it provides legal provisions for a range of different issues, including finances. Another issue that it might address is the legal guardian you wish to appoint for your child if it were to ever become necessary. Choosing and appointing a guardian is an important detail, so you should not overlook this aspect of estate planning.
2. Designate funds
Raising a child is an expensive task, and it can be difficult to budget for all the various responsibilities you will have. If you intend to send your child to private school, for example, establishing a fund for this can help you financially account for the expense. It also ensures that if anything were to happen to you, the funds would still be in place to support such an expense.
3. Name executors
Naming a guardian is an important part of the estate planning process, but a guardian is not the only person whom might be able to help raise your child. You want a team of individuals who can provide assistance and support in such circumstances. As such, you can also appoint executors of the trust to ensure that its intent is carried out according to your wishes for your child.