Everyone needs to create an estate plan, no matter how uncomfortable the process may seem. The Connecticut Post recently ran an article offering tips on how people can stop procrastinating and actually get this work done.
There are times in your life when you definitely need to look at your estate plan to ensure it is how you want it to be. Whether the parents have already created estate plans or have not done so already, having a child is a good time to revise or make one. You want to make sure your children have support in the event of an unforeseen injury, illness or death.
Select a guardian
The first thing new parents should do is choose a guardian for the child if both parents pass away. When selecting a guardian, you want to choose someone roughly the same age as you. You would not want to select your parents. You also want to have a conversation with your spouse about who you want to pick. Many new parents decide to pick two new guardians if one becomes unavailable down the line for whatever reason.
Another factor to consider is location. Ideally, your child will stay relatively close to home. The guardian should have an emotional connection with the child and have the financial means to care for one. It is a lot to consider, but ultimately, it helps ensure your child has the care he or she needs if you can no longer provide care.
Create important documents
Having a first child is a good time to create a will. However, you do not want to stop there. You should also look into creating healthcare directives, power of attorney and a living will. Each serves a purpose, and you may need to update each one if you decide to have any more children in the future.