Estate Planning & Probate Specialists

Estate Planning & Probate Specialists

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Just welcomed a child? Consider your estate plan

Congratulations on your new child! As a new parent, you may still be trying to find your footing on how to balance all of the needs of your baby, your spouse and yourself. Though starting a family can be one of the most joyous times in your life, it can also bring about stress for various reasons.

You may begin to think about a number of scenarios that you may not have considered before your child was born. What will you do if he or she gets sick? How can you protect your child? Will your child know you love him or her? What will happen if you and the other parent suddenly pass away?

Finding answers

Though you may not be able to find answers to all of your parental concerns, you can take steps to address at least some of them. For instance, if you have concerns about your child’s well-being in the event of your passing (which is a common worry among parents), you can prepare for such a scenario well ahead of time but hopefully not need to implement your plans any time soon.

Creating an estate plan is a great way to ensure that your child will receive the proper care and love in the event of your untimely demise. A will is a vital document in your estate plan because it is the only document that allows you to name a guardian for your child. Making this appointment can ensure that the person you feel most comfortable caring for your child has the best chance of taking on the role.

Financial assistance

You likely do not want to place any kind of financial burden on the guardian you choose, and you certainly want to make sure that your child has the financial means needed to meet his or her basic needs. Another part of your estate planning process could be to purchase life insurance. You can name a beneficiary to your policy, and after your passing, that beneficiary will receive the funds.

Though it can be difficult to think about your child having a life without you, you may still find some peace of mind in knowing that you have created a plan should such a scenario come to be. If you have questions about creating a plan to cover your concerns, you may want to consult with a Texas attorney.