For new parents, life is often very stressful from multiple viewpoints, whether people are experiencing financial problems or simply have difficulty adjusting to life with a newborn (sleep loss, taking time off work, etc.). However, if you recently welcomed a child into your family it is critical for you to think ahead and focus on your future (as well as your child’s future). Estate planning is one way to ensure that your child receives the support they need in the event that an unexpected tragedy occurs or many years in the future.
Parents often have a lot of anxiety, but having a solid estate plan set up is one way to help relieve worries and find peace of mind.
Guardians, finances and other issues
There are multiple factors you need to consider while creating an estate plan as a parent. For example, it is extremely important to have a guardian so that your child will receive the care they need in the event that you or your partner are unable to raise your child for any reason. You also have to consider your finances, from retirement accounts to property you own and should look into life insurance as well.
Looking over your options
Some parents decide to set up a will, but in some cases, a trust is smarter. Ultimately, it depends on your unique situation and preferences. Make sure you carefully evaluate all of your options and do not wait to get started. After all, when parents have an estate plan secured, they are often able to focus on raising their child with less stress and uncertainty. Go over other parts of our website to view more on setting up an estate plan.