Small Business

#

Intellectual Property

 August 24, 2022

4 Reasons Expecting Parents Need an Estate Plan

baby birth certificate

Did you know that August is National Make a Will Month? Having an estate plan is so important, and in this article, we’re diving deeper into why it’s a good idea for expecting parents to set up a Will before their child is born.

Experts recommend creating an estate plan before your due date

Having a baby is one of life’s most significant hallmark moments for parents, and there’s a lot to do to prepare for your new family member to arrive. One of the to-do items that can slip through the cracks is setting up or updating your Will and estate plan before your baby’s due date. Why is this so important?

What’s the significance of planning before the child arrives? Let’s break down four reasons why it’s vital to have a Will in place before your child’s birth.

4 ways an estate plan protects you and your child

Having a Will, in general, is critical, and it’s essential for parents who are expecting to know how a Will can safeguard them and their child if one of life’s many unpredictable events comes up. Keep reading to learn how proper estate planning can protect and make critical decisions if you cannot.

1. Allows you to set up a medical directive

You never know what can happen during any medical procedure. A medical directive can decide how long a parent will stay on life support if she goes into a coma, for example, or state important decisions such as what should be prioritized in certain situations. Without one, doctors will have to make those critical calls to the best of their ability, without your say.

2. Designates who will care for your new baby if you can’t

When you have a child, it is critical to put protections in place to ensure they’re well cared for, should something ever happen to you. One of the ways you can do that is to designate a guardian if you’re not there to care for them yourself.

If you unexpectedly pass away without a Will in place, you will not get a say in who cares for your child, and the person that the court ends up appointing to be your child’s guardian might not be who would have chosen.

3. Stipulates who can act on your behalf regarding legal and business matters

It’s a smart idea to set up a Healthcare Power of Attorney who can designate someone as your legal and business voice if you’re not able to. Life is unexpected, and while it’s not that fun of a topic to discuss, it’s important to think about the types of scenarios that can pop up unexpectedly so you can be prepared.

4. Allows you to leave assets for your new baby

A Will also protects your child by allowing you the opportunity to leave behind your assets (including your home, car, special possessions, and everything else you own) or set up a trust.

Talk to your lawyer about creating an estate plan

August is National Make a Will Month for a reason – it’s often the slowest part of the summer for many, and an excellent time to check off those lingering to-do items you’ve been avoiding for the past several months. LegalShield makes creating a Will easy and quick. Talk to your LegalShield lawyer to discuss your estate planning options.

Pre-Paid Legal Services, Inc. (“PPLSI”) provides access to legal services offered by a network of provider law firms to PPLSI members through membership-based participation. Neither PPLSI nor its officers, employees or sales associates directly or indirectly provide legal services, representation, or advice. The information available in this blog is meant to provide general information and is not intended to provide legal advice, render an opinion, or provide any specific recommendations. The blog post is not a substitute for competent legal counsel from a licensed professional lawyer in the state or province where your legal issues exist, and the reader is strongly encouraged to seek legal counsel for your specific legal matter. Information contained in the blog may be provided by authors who could be a third-party paid contributor. All information by authors is accepted in good faith, however, PPLSI makes no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of such information.

 

Related Content

Woman sitting and thinking

5 Potential Risks of Passing Without a Will

Actor Chadwick Boseman passed without a Will Beloved actor Chadwick Boseman, AKA the star of Black Panther, has passed away after a battle to colon cancer. Due to the unpredictable nature of his death, Boseman died without a Will, leaving the court to decide who will...

Grandparents hugging their granddaughter.

5 Rights Beneficiaries of a Trust Have

You may be asking yourself, what is a Trust? Trusts and Wills clearly spell out the rights of beneficiaries and responsibilities of legal guardians or executors of estates. As a beneficiary, it is important to thoroughly understand and be aware of the rights you have...

Man reviewing types of Wills on a laptop

Types of Wills—Which is Right for You?

When it comes to estate and end-of-life care planning, there are a lot of different types of Wills that you can choose from. It can be confusing trying to figure out which one is right for you. Still, choosing the right Will can impact your well-being, estate,...