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One vital change new parents should make to their estate plan

Posted by Lidia Law Firm, P.C. | Sep 08, 2022 | 0 Comments

As new parents, you likely want to spend every last second with your new child.

That is understandable, yet you urgently need to set aside time to update your estate plan. In particular, you need to name a guardian for your child in case something happens to you.

Why is it so crucial to do this now?

Your new baby depends on you for everything right now. If something happened to you, they would be in trouble. What would happen if you suffered a fatal accident this afternoon, tomorrow or in six months' time? Who would look after your child?

In most cases, the answer is their other parent. Yet, what happens if something happens to you both of you?

Who can you choose?

A guardian could be a family member or a friend, but they must be someone you can rely on to step up and raise your child if you cannot. It is a massive ask, so think carefully about who could fulfill the role and ask them as soon as possible if they are willing. Here are some things to consider:

  • Do they have the time to do so?
  • Do they have the space to do so?
  • Do they have the financial means to do so?
  • Will they do it in a way consistent with your values and beliefs?

You might not be able to find someone who scores highly in all these areas, so be prepared to compromise. No one will ever replace you, but you can find someone you trust to make sure that your child is protected until they're grown.

Once you have someone's agreement to act as guardian, seek legal help to put it in your estate plan, so that your growing family's needs will be met.

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