Pregnant Parents Need an Estate Plan for the Following Reasons
Creating an estate plan before your due date is advised by experts. One of the most
important milestones in a parent's life is the birth of a child, and there is a lot to do to get ready for the arrival of your new family member. Setting up or amending your Will and estate plan prior to the due date of your kid is one of the to-do chores that may go overlooked. Why is this such a big deal?
Why is it important to make plans before the child is born? Here are four reasons why making a will before the birth of your child is essential. In general, it's important to have a will, and it's especially important for parents who are expecting to understand how a will can protect them and their unborn child in the event of one of life's many unforeseen events. Learn how good estate planning can safeguard you and make important choices if you are unable to in the following paragraphs.
1. Enables the creation of a medical directive
During any medical operation, anything can happen. A medical directive might specify critical decisions like what should be prioritized in specific circumstances or how long a parent will remain on life support if she enters a coma, for example. Without one, medical professionals will be forced to make those crucial decisions on their own, with no input from you.
2. Determines who will look for your newborn if you are unable to
When you have children, it is crucial to take precautions to make sure they would be appropriately taken care of in the event that something were to happen to you. If you're not around to take care of them yourself, one method to accomplish that is to appoint a guardian.
You won't get a voice in who looks after your child if you pass away suddenly without a will in place, and the guardian the court ultimately names may not be the one you would have preferred.
3. Specifies who may represent you in legal and business affairs
It's a good idea to create a Healthcare Power of Attorney so that, in the event that you are incapacitated, someone else can act as your legal and business representative. Although it's not particularly enjoyable to talk about, it's vital to consider the kinds of situations that can arise out of the blue so you can be ready.
4. Permits you to leave money or property to your child
A will also gives you the option to create a trust or to bequeath your assets, such as your home, car, sentimental items, and everything else you own. Contact Legal Sheild for advice on this topic!