Estate Planning for New Parents
Preparing for the arrival of a new baby is a busy time, and it’s important not to let nursery design and baby name books distract you from the important task of estate planning. Many new parents incorrectly assume that they don’t need to do any estate planning if they don’t have many assets. Even if you don’t have a large nest egg before you become a parent, your child’s well-being will become your most important “asset.” Determining who will care for your child in the event of your death, and arranging for his or her inheritance of your property is an important step that you should take as soon as you have a new baby.