Top Financial Tips for New Parents
When a child is on the way, the number of things to prepare for can seem impossible. From picking a name to stocking a nursery full of all the blankets and diapers a baby will use, it is a lot for a couple to handle. Children are life-changing, and when bringing one into the world, new parents not only have to get things ready for the baby’s arrival date at home but also think about her future.
If you do not have an estate plan in place, the birth of a new life should be a persuasive motivation to establish one. After all, you are now responsible for raising your child and ensuring they are safe and taken care of.
Working with a professional can be advantageous if you want to discuss estate planning. The Canton estate planning attorney at the Law Office of Brian S. Karpe can help you determine what estate planning tools will work best for your circumstances.
Financial Soundness Before a Baby
It is never easy to think about the end of life, but death will happen to all of us at some point. You can never predict what will happen in the future, and no one knows when their last days will be. This is why estate planning is a good idea for all adults of any age but incredibly important for new parents.
When you are family planning and getting ready to have a baby, you should also consider estate planning. In doing so, you will take proactive and productive steps towards securing your child’s future and stability.
Minor Children Need Guardians
Naming the parties who will be responsible for taking care of your children if you are unable to do so is imperative. Here, you should pick a primary guardian and also have a backup.
Preparing Essential Estate Planning Documents
There are several estate planning documents that can be advantageous to have as a part of your comprehensive estate plan. These include a last will and testament, healthcare directive, living will, and power of attorney. In addition, naming your estate’s executor is another critical task so that if, for any reason, both parents are unable to take care of their children, someone can step in to manage the estate and care for the children per the parent’s wishes.
It is also necessary to name beneficiaries. You likely want your assets to go to your children, so you can indicate this in your estate plan. You may also consider establishing a trust to ensure their inheritance is managed according to the way you’d want it.
Saving for a Rainy Day
Putting money aside for savings is always a smart move, but it is never more important than when children are present. Having an emergency fund that can cover up to six months of expenses provides greater protection should something unexpected happen to impact the family’s financial health.
Don’t Forget to Plan for Your Future
Retirement planning puts you in a position to be financially sound when you are done working and prevents you from potentially being a financial albatross for your children.
Speak to a Connecticut Estate Planning Attorney Today
For assistance with your estate plan, please call our Connecticut estate planning attorney at the Law Office of Brian S. Karpe at 860-217-1458. Initial consultations are complimentary.
