Whether your first or your fifth, welcoming a new baby to your family is surely one of life’s greatest joys. In all the flurry of excitement as you prepare to bring your wee one home, don’t forget to review your estate planning as revisions will be necessary to properly plan for your expanding family. Over the next few blogs, I will suggest some things to consider.
One thing you will want to do is update your Will to ensure your children are included as beneficiaries. Consider including a trust in your Will for the benefit of your children and name a trustee to look after the money and pay it to or for your children while they are growing up and possibly beyond 18. Appoint a guardian to care for your children. Note that an appointment in your Will is only valid for 90 days at which time an application must be made to court by the proposed guardian. Write a letter explaining your reasons for selecting the guardian you did as it may be helpful to the court.
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Blog posts pre-dated December 1, 2015 were originally published under Neff Law Office Professional Corporation.
