Becoming a parent—either by birth or though adoption—is one of the most significant things that you can do. As a new parent myself, I know just how much love there is that goes into caring and raising a child. No matter how our families came together, whether we carried our newborns to term, adopted a child through Child Protective Services, or adopted a stepchild, we parents want only the best for our families.
To provide the best for our kids, however, we need to prepare for everything. Starting a family means making decisions about the future as soon as possible. Nothing in life is guaranteed, so having a few plans in place just in case something doesn’t go quite how we thought it would is the best thing that you can do for your new family.
Do you want to make sure that your children are provided for and protected? Here are a few things to discuss with your attorney.
Choosing a Guardian
Nobody thinks that the unthinkable will happen to them. But it does happen. If you and the child’s other parent are no longer around to care and provide for them, do you know who will be looking out for them? Choosing a guardian as soon as you can after becoming a new parent is an integral part of planning for the future. Your attorney can guide you through the process so that no box goes unchecked.
Saving for Your Child’s Education
Do you know how you are going to pay for your child’s education? It might seem like college is a long way off, but those 18 years can go fast. You don’t want to get to your child’s high school graduation without having something set aside to help them pay for tuition and living costs. Otherwise, they could find themselves saddled with debt for the rest of their lives.
One way that many parents choose to save for college is by setting up a trust, an invaluable estate planning tool. You can even protect your child from spending the money unwisely by creating guidelines for what they can spend the money on while they are in school.
Creating an Estate Plan
Even if you can’t afford to set up a trust for your child’s future, you should still consider creating an estate plan. Having an estate plan in place in case you pass away can help to ensure that your child is provided for in the future. At the very least, you should ask your attorney about writing a valid will so that you can be sure that your assets will pass into the right hands, even if they have to go through probate.
Purchasing a life insurance policy is another great way to care for your family after you are gone. Don’t know how much coverage to purchase? Ask your attorney and financial advisor for help.
Get in touch with me today to discuss your needs as a new parent!
Want to talk about how you plan to provide for your family in the future? Need help making sure that your estate plan is comprehensive? Get in touch with me today.