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A new parents’ guide to estate planning

On Behalf of | Jul 25, 2022 | Estate Planning

The unexpected or the unthinkable may happen at any time, which is why many new Ohio parents in want to be prepared for every eventuality. Here’s how to make your estate plan and your parenting plan work together.

Don’t overlook this essential aspect of parenting

Most new parents think tend not to think about estate planning as they’re getting ready for the big life-changing event. This is understandable since there’s so much else on your plate when endeavoring to raise a child. If you’ve got a baby room that needs decorating and an overflowing list of baby amenities you still need to buy, it’s hard to imagine the estate plan being a high priority.

But if something should happen to you, they would need someone to provide for them. Thus, planning your estate during this time is essential if you want to have a fully comprehensive plan for your kids that covers all bases. This applies to both adopted children and birth children.

Take it one step at a time

It’s easy to get overwhelmed. This might seem like just one more thing added to your already overflowing list of things to do when it’s impossible to see past the immediate situation you’re dealing with. But it may help to take things one step at a time and focus on where you can start.

Step one for most people is to establish your living documents. In so doing, you’ll make it possible for someone to take care of their children by allowing them access to your funds and giving them authority to make health care decisions.

Make sure to designate a guardian, and choosing the right guardian is a crucial consideration. This is the person you designate under your will who will be responsible to care for your children should you pass away while they are still minors.

Decide how much life insurance you’ll need. It’s no easy calculation for the average person to make, and you may benefit from professional assistance at this point.

Raising a child means you’re responsible for someone who wouldn’t be able to take care of themselves if you were suddenly removed from the picture. Done properly, your estate plan will secure the future of your children’s care no matter what happens.