The birth of your child can leave you with many big questions, some of which may be about their future and yours. When thinking about estate planning, you could wonder what the benefits are when you just had a young child.
Learning more about what new parents need and why these documents are important can help you get some peace of mind.
Choosing a guardian
According to Kiplinger, one important part of an estate is the fact it lets you choose a guardian for your children in the event that you die while they are still minors. This person is responsible for the emotional and practical sides of parenting that your children will need as they grow up.
You can also appoint a trustee, who will take care of any financial or monetary issues that arise that involve your children.
Securing your heirlooms and assets
If you have a specific wish for your children to inherit all your assets instead of your spouse, you should make sure to specify that in a will. This document can help you make sure that your children get everything they should in case you die before they are old enough to legally own property.
Thinking about the future
Depending on your income, you may or may not have as much money saved up as you hoped if you die when your children are still young. Having a way for your children and their trustee to pay for any funeral expenses or debts can help them immediately after this tough time.
No matter what age you are, estate planning can help you if you find you want to protect your children in the case of your death.
