Estate Planning with a New Baby

Congratulations on your growing family. 

05/20/2016

Estate Planning with a New Baby

Taking charge of your estate planning and knowing you and your family’s future will be carried out as you like, provides you with peace of mind. 

While you may think that estate planning is just about dealing with potential estate taxes, there are several other issues that are perhaps currently more important than potential estate taxes. 

That’s why caring for your new baby needs to include caring about estate planning. Here are some of those issues ranked in priority for a couple with a new child.
 

1. Power of Attorney for Health Issues

This document names a person to make medical decisions if you are not capable of making those decisions yourself. For example, if you were in a coma, who would make medical decisions regarding your treatment? Usually, a spouse is named with another person also designated if the spouse cannot make those decisions. (Many people also create a "Living Will" at the same time that details their wishes for end of life medical decisions.)


2. Power of Attorney for Finances

This document names a person to make financial decisions if you are not capable of making those decisions yourself. Usually, a spouse is named with another person designated if the spouse cannot make those decisions. 


3. Will

This document describes how your assets are to be distributed on your death, but it is also used to name a guardian for a minor child if both parents were to die or are incapable of caring for a child. Choosing a guardian is a critical decision and you should be sure the person you name is both capable and willing to assume that responsibility.


4. Other Issues

Be sure that the beneficiaries on your retirement plans, IRAs and life insurance policies reflect your current family situation and your wishes. You may also want to consider a living trust to simplify how assets are transferred in case of your death.

These are important issues for a family to handle. They require thoughtful discussion and the proper legal documents. Using a qualified estate planning attorney is essential. 

Related Blog Posts

Building a Good Relationship With Your Financial Institution

Tips for small business owners who want a better financial relationship Full story...

Bank Participates in July Fourth Festivities

Full story...

Use Your Debit Card for Everyday Needs and Special Treats

Conveniences and features that will help you manage your money. Full story...
Blog posts RSS