Welcoming a child into a family changes life completely. Whether through birth or adoption, changing the family dynamic in such a way warrants important planning for the future. As a result, new parents in Minnesota may want to consider starting estate planning or updating their already-existing estate plans.
One major estate planning document that new parents may want to create or update is a will. Though a will is an important planning document for anyone, it is especially important for new parents because this is the document in which parents can name the person they want to act as the child’s guardian in the event of the parents’ incapacitation or demise. By making this appointment, parents can better ensure that a trusted person will take over the care of their child if needed.
It may also be smart for parents to consider buying life insurance. Having this insurance could ensure that at least some of the child’s financial needs are covered in the event of one or both parents’ passing. A life insurance payout could cover child care expenses or help a guardian meet the child’s basic needs.
While these details are certainly important, new parents may also want to explore other ways that creating or updating their estate plans could help them address important possibilities and ensure the care of their children. If Minnesota parents have questions about the best way to address their children’s needs, they may want to discuss this particular matter with experienced estate planning attorneys. Gaining reliable information could ensure that parents put their best foot forward when planning for their and their children’s futures.