If you are just starting your professional life, creating an estate plan might seem somewhat silly. After all, you might not yet have very many assets to protect. You also may be healthy, making an advance directive or health care power of attorney appear to be unnecessary. It is never too early to do some estate planning, though.
As a new parent, tackling some estate planning matters should be one of your top priorities. Indeed, now that you have a young one in your family, getting your affairs in order is arguably more important than ever. Here are three estate planning matters all new parents should address.
1. Pick a guardian for your child
According to the Imprint, there are more than 20,000 children currently in the foster care system in the Lone Star State. If you do not want your son or daughter to join them, you should think about designating a guardian to care for your child in the event of your death and the death of your spouse.
2. Provide financial stability for your new child
If you unexpectedly die, you do not want your child to struggle financially. As a result, you should consider using your will to leave assets to your son or daughter. You also might want to set up a trust for his or her benefit. Moreover, it may make sense to begin planning now for your child’s college education.
3. Think about your own health care
Life can be fragile, and a serious injury or sudden illness might result in your incapacitation. You might want to designate a person to make medical decisions for you if you cannot make them for yourself. You also may decide to leave doctors precise instructions about the health care you want and do not want to receive.
Ultimately, even though you are probably extremely busy with a new baby in your family, completing some essential estate planning tasks is likely to give you some valuable peace of mind.