So you just had a baby…Congratulations! A new baby, whether it’s your first or fourth, is such an exciting and happy time.
You want to cherish every moment – yes, even those sleepless nights and zombie-like days you experience because of a lack of rest! You want to be the best mom or dad and do everything right. You’ve probably been reading parenting magazines (or more likely these days, blogs) so you know the most absorbent diapers, the safest car seats, the best organic baby food, and the timelines for each key benchmark in your baby’s life. You’ve got this!
Have you also considered what would happen if you were not around to care of your child? There are steps you should take now to be sure your little one is taken care of if something happens to you:
Purchase Life Insurance – Consider the financial strain on your family that would result if you were not here. Whether you are earning income or are home taking care of children, you should try to purchase enough insurance to financially provide for your family in the event of your death.
Start a Savings Plan – If you can begin putting money away now each month in a college savings plan or other account, it can grow along with your child, and hopefully be a helpful start for them when they are embarking on college or whatever they decide to do as young adults. And if grandparents or other family members want to help too, they can add to these accounts for your children.
Choose a Guardian – Who would you want to take care of your children until they reach age 18? That is, who will your children live with and make parenting decisions for them? This is a very difficult question to answer for many parents, but one that should not be ignored. In Illinois, a guardian must be appointed in a valid Last Will and Testament.
Choose a Trustee – Who would you want to handle the assets, including life insurance proceeds, that you leave for your children? Consider who should make investment decisions and determine how much money should be distributed to, or for the benefit of, your children until they are responsible enough take control of their own finances. In a Revocable Living Trust, you can provide for one or more trusts for your children to be created upon your death, and appoint the person or corporate fiduciary of your choice as the Trustee to administer the trusts according to your instructions.
Write a Letter to Your Children – What do you want to teach your children? What stories, messages, morals, and religious beliefs are most important for you to pass along to your children? What do you want to teach them? Write these things down, just in case you’re not around to tell them in person.
Get your financial and estate plan in order so you have the peace of mind that you have provided for your family, just in case something happens to you. Your new little bundle of joy will grow up before you know it, so enjoy every minute with them!
The estate planning attorneys at Waltz, Palmer & Dawson, LLC can work with you to create a Last Will and Testament. Should you have any questions about a Will and a Trust, or would like to schedule a free initial consultation, please contact Waltz, Palmer & Dawson, LLC at (847)253-8800 or contact us online.
Waltz, Palmer & Dawson, LLC is a full-service law firm with various areas of service to assist your business, including: Employment Law, Intellectual Property, Commercial Real Estate, Litigation and general Business Law services. Individual services include Estate Planning, Wills and Trusts, Probate, Guardianship, Divorce and Family Law, Collaborative Divorce & Mediation.
This article constitutes attorney advertising. The material is for informational purposes only and does not constitute legal advice.