Providing Peace Of Mind
For You And Your Family

Why should an estate plan be revised after having a child?

On Behalf of | Mar 8, 2024 | Estate Planning |

If you have just had a child, the last place you want to be is sitting in an attorney’s office, poring over paperwork. You want to be by your child’s side, watching for their reactions or holding them in your arms and telling them how much you love them.

However, the sooner you drag yourself away from their side and down to the office of your legal representative, the better. 

Updating your plan will provide peace of mind

What would happen if, on your way to the store to buy diapers, a drunken motorist shot a red light and smashed into your vehicle, leaving you dead before the ambulance could arrive?

While it’s unlikely this will happen, it’s not impossible. Each year, kids lose one or both parents in freak accidents. One minute, that person who was going to raise and love them was there, and the next, they were gone, never to return.

Who will take the role of parent for your child?

No one can replace you, but someone will have to step in for you if you die before your child turns 18 and reaches the age of majority. If the other parent is still alive, they’ll do this, but sometimes both parents lose their lives at once, leaving a child helpless and alone in the world.

Naming a guardian is essential. Choosing who can be tough, so it might even be something you think about before your baby is born. Similarly, you might want to consider who you could trust to handle finances for your child. They might be the same person you ask to raise them or someone separate.

Updating your estate plan will only take a little of your precious time with your newborn. But it will be time well spent for the security it will bring.