If you are preparing to become a parent for the first time, you are probably already dealing with an overwhelming and stressful experience because there are many things you have to get done. This also means there are some things you will have to put on hold while you prepare for the baby’s arrival.
Unfortunately, this means you will not have the time or patience to deal with things that should not be ignored. One of the important things you should not ignore is estate planning. There are some common estate planning mistakes that many new parents make, but you still have time to avoid these mistakes.
Not Making Changes To The Will
When the baby finally arrives, you should update your will as soon as possible. We never know when accidents can happen to us, and this is why it is important to add the new addition to your family in your will. If something was to happen to you, and your last will has not been updated to reflect your baby’s birth, your child may have to jump through hoops just to receive his or her inheritance. You can save your family plenty of headaches and confusion by updating your will after you give birth to the new baby.
Forgetting To Name A Person As the Legal Guardian
We do not want to think about leaving this world while our children are still at a young age. Unfortunately, this happens to many families. After you have a baby, you should always be prepared to ask a person you trust to be the legal guardian if something happens to you. The judge will have to give a confirmation of the person you choose, but your request for the legal guardian will usually be granted. We understand you do not want to hurt any of your friends’ or family members’ feelings, but you have to choose the best person you know who will take care of your children the same way you would.
If you are about to become a new parent, then this certainly is an exciting time for you. However, you should never overlook the importance of updating your estate plan to reflect your new family. If you need to update your last will and testament or your estate plan, contact us today for additional information.