When preparing to have a first child, the number of things you need to do often seems endless. Everything from thinking about daycare to furnishing a nursery and buying a car seat can quickly fill a to-do list. Some of these things can be stressful but still worth it as you think about how your life is going to change.
However, one thing you may not have thought about is the need to make an estate plan. Making a will and naming guardians to care for the child also may be things you haven’t considered.
However, these are crucial steps to take in case tragedy hits your family while a child is still young. We’ll explain why having an estate plan is so essential below.
Opens Up Important Conversations
You may not have thought about who would raise your child if the worst happens. Or maybe you always assumed your parents would do so. However, these are only assumptions and things can change as time goes on. Grandparents might move away, have health issues, or otherwise be unable to step in if something terrible happens.
Having open conversations about your thoughts will help you make solid plans. These conversations might not be easy but they are essential. You’ll know who to name as guardian if you are unable to raise your child.
Avoids Court Battles
If you don’t have an estate plan and pass away, your loved ones who survive may argue about who should raise the child. In the worst case, this could result in a trip to the courtroom. When this occurs, a judge will be tasked with deciding who should take care of your child.
This can be stressful for everyone, especially a small child. The person you might have chosen to care for your child could end up losing. While appeals are possible, the winner is usually the person who was chosen by the first judge.
Another thing people may fight about if you don’t have an estate plan is who gets your property, money, and more. An estate plan notes who gets what to avoid additional disputes if you pass away.
It’s best to have a will, a power of attorney, and a healthcare power of attorney to avoid any confusion. If you have not had an estate plan made and have a child on the way, reach out to the attornies at Bell & Shah today. It’s something you want to have available as soon as possible.