Having a baby is an exciting time! As new parents are adjusting to their new roles, it is important to consider revisiting the estate plan to include your new baby in your wills.  The most common reason I hear from my clients about why they have decided to have a will drafted or to talk about their estate planning is because they have a newborn baby (or one on the way) or young children and they want to protect them if something were to happen to Mom and Dad.   

At Thornton Law Firm, we handle many such rewrites of estates and wills for all of the life changes that may occur.

Two major things that will need to be consider or changed after having a baby are:

  1. Choosing a guardian: One of the most important aspects of a will for a couple with a minor child is deciding who will act as the child’s guardian in the event that both parents are deceased.  This can be a very difficult decision.  Ideally both parents should agree on the guardian.  The guardian will be the person who makes medical decisions regarding the child and ensures that his or her education is carried out in accordance with your wishes. Another thing to consider is whether the child will need to relocate if a guardian who does not live nearby is chosen.
  2. Financial Planning: Raising a child is expensive. You need to plan for his or her education and for his or her future.  Buying or updating a life Insurance policy to account for the care of the loved ones who are left behind in case of an unforeseen accident is advisable.  Also, trusts are often used to hold and protect the assets that you leave behind for your children.  With so many different types of trusts out there, having an estate planning attorney who knows how to draft them and advise you how to fund them so that your children will be cared for financially.

New parents have enough to worry about as they bring the baby home.  Let Thornton Law Firm take consider and care of the unthinkable and ease the transition into parenthood.  Call us to schedule the appointment that determines how well your baby will be cared for in case of the unforeseeable.