If you’re expecting a baby, you no doubt know that it’s important to make proper plans for the future. This involves a number of things since your baby’s needs will change as they grow and so will yours. That said, one of the most important things that you could do in preparation is see an estate planning lawyer. With their assistance, you can safeguard your child’s financial future. Here are more reasons to see an estate planning lawyer before your baby arrives.
You’re Assured of Your Baby’s Continued Protection
With an estate plan in place, you can be assured that your baby will be safe as they grow. This way, they won’t lack necessities such as shelter, food, clothing, and a good education. In the event something happens to you, your child will have a safe and secure person or couple to live with who can provide for them thoroughly.
To make sure that the estate plan you come up with protects your child in the way that you want them to be protected, it’s important to work with a knowledgeable lawyer. The right estate planning lawyer will let you know the wording to use and various clauses to include so that your estate plan covers everything it needs to. Don’t end up being one out of three Americans who don’t have a living trust or will!
Your Child’s Future Will Be Financially Sound
With an estate plan, you can be sure that your child will never lack financially since they’ll have access to your estate. You can choose to set up a trust for them so that the finances they need will be disbursed to them as necessary. Work on an alternative plan of your choosing with the assistance of a good estate planning attorney who can enable you to make a sound financial plan, and your child will have a safer future.
This is an important detail to keep in mind because you never know what tomorrow holds. It’s also best to work on it before or right after you get your child, even if you are expecting your baby via surrogacy. Remember that the costs of surrogacy itself can vary depending on various factors. These include the individual expenses of the surrogate as well as the medical circumstances that take place during the pregnancy.
You Have a Trusted Person to Act on Your Behalf
Finally, with a proper estate plan, you know that you can safeguard both your future and that of your children. That’s because you can appoint someone to act on your behalf if something happens to leave you in a position in which you can’t. As such, your finances will be in the best hands. Remember that it’s generally recommended to update your estate plan once every five years with the exception of major live events, such as marriage or having children, in which case you should make adjustments right away!
Make sure to see an estate planning lawyer when you’re expecting a baby to avoid any complications. You can improve your peace of mind knowing your child will be in excellent hands in a worst-case scenario.
