Pregnancy is a magical time for you and your partner. You can enjoy the anticipation of meeting your newborn child, and prepare for an exciting future. However, you’ll also likely have some fears about the future along with hope and excitement. You may start to find that you worry about many different future scenarios, and you’ll have an instinctual desire to protect your unborn child in any way that you can.
One thing that you may want to consider ding during pregnancy is to create an estate plan or update your existing estate plan. The following is an overview of ways that you can prepare for the birth of your child in your estate plan, and make sure that they are protected and safeguarded no matter what.
Assign your unborn child a guardian
You’ll want to make sure that your child is loved and cared for in the unlikely event that you and your partner pass away unexpectedly. While this feels like a morbid subject, it is important to address the possibility and gain peace of mind by knowing that you have prepared for such a scenario. In your will, you can name a person who you want to have custody of your child in this event.
Make sure that property passes to the right person
In your will, you can state who you want to inherit your assets when you pass away. You can make specific. Therefore, it is wise to update your estate plan when you have a new addition to your family.
Consider a trust
If you want to set aside money for your child and you want to bypass probate, the creation of a trust may be a good option for you.
There are many things to prepare before the birth of a child, and updating your estate plan is a very important one so that you can secure a positive future for your child. Make sure that you take early action to.