Whether you adopt a child or give birth naturally, your future changes the moment an infant is in your care. Looking forward with estate planning is a way of securing your family’s future. Only 18-percent of Americans aged 18-34 have a will, despite 76-percent believing them to be a good idea.
Think about your future
The first step in estate planning is to think about yourself. Even if your reason for creating a will is to benefit your newborn, you will start with your living documents. Your first step will be to identify a healthcare proxy to make decisions if you are medically incapable.
Guardians and trustees
After making decisions about your healthcare, it’s time to discuss your children. A guardian is named to take day-to-day care of your newborn if you cannot. You need to choose a guardian carefully because a court can overrule your choice if they are not deemed fit. Trustees fulfill different roles. Trustees handle the finances of your estate on behalf of your child until they reach adulthood.
Choose your executor
Estate planning can be difficult when you have to make many choices. Upon your death, an executor needs to be named to handle your estate in the weeks and months after your death. Your choices include an attorney of a trusted confidant.
Update your documents
Estate planning is a good time to look through your documents. Life insurance policies need to reflect the arrival of your child. Accounts with financial institutions will ask you to name a beneficiary.
Estate planning can be a daunting task that is required to protect your family’s future.