Starting a family and having a child is an exciting part of your life. If you’ve found yourself ready to welcome your child into your arms, remember that there are steps you can take to help protect them should you ever be unable to care for them.
Estate planning is a good way to provide for your child in the case that you are hurt or pass away. If you cannot care for them, having a guardianship established in your estate plan may help them get the care and support they need from someone you know you can rely on. If you want to make sure they are provided for if you die suddenly, you can set aside money or funds in a trust. You could also set up beneficiary designations on your life insurance or bank account to help guarantee that they have the financial support they need once you’re gone.
Plan for your child’s future during your lifetime with a solid estate plan
With an estate plan, you can take steps to protect your child while they’re a minor. You can establish guardians for them in the case that you and your partner can no longer care for them due to an accident, illness or death. Setting up a guardianship is the only way you can be certain that your child will go to the guardian of your choice and not enter the foster care system, which is something to be aware of. While others may step forward to take care of them if you cannot, there is no guarantee without this legal paperwork.
Your estate plan options include setting up special needs trusts as well as trust funds for minor children or adult children. You can name your child as your beneficiary and place requirements that they must meet before receiving funds or the assets you’ve left them. You are in control in this situation, and there are many ways that you can make a terrible tragedy into a more positive moment by planning ahead.
The right estate planning helps. Look into your options, so that you can update your estate plan with your child in mind.