Bringing a new child into the world is a time of excitement and joy. Adding to a Georgia family brings up all kinds of strong emotions, including a renewed sense of responsibility toward loved ones and a desire to protect one’s children in every way possible. Many people make a concerted effort to create a home that is safe and welcoming to a new baby, including babyproofing, decorating the nursery and ensuring that everything is in place to care for an infant. An often overlooked yet vitally important preparation is drafting a new will.
End-of-life matters are usually not something that new parents consider, but it is absolutely important to take the time to think about the subject as the family grows. For one thing, there are issues of guardianship that must be addressed. In the event that both parents pass away in an accident, there needs to be a plan in place for caring for the child or children who are left behind.
Choosing a guardian is an important precaution, and involves a series of in-depth conversations. Once the parents have selected their chosen guardian, it is time to sit down with that individual and discuss the issue. This is the time to share plans concerning life insurance, trusts and any other financial safeguards that the parents have put into place. Giving the selected guardian this information can make things much easier to manage in the unlikely event that he or she were called to perform those duties.
For those Georgia families who are preparing for the birth of a new baby, estate planning is a topic that should be included. Just like painting the nursery, setting up the crib and making sure there is a pile of diapers on hand, addressing the creation of a new will is an important part of the process. New parents want to do everything they can for their child, and creating an estate plan is a great way to protect against unforeseeable circumstances.
Source: nasdaq.com, “Congrats on Your New Baby! Now It’s Time for an Estate Plan”, Dec. 22, 2016