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New baby? Remember to set up a guardianship in your estate plan

Having a new baby dramatically changes your life. You now have a tiny human who depends on you for everything. Meeting those needs can be a challenge sometimes. While you might not think that you can add anything else added to your schedule right now, there is one very important consideration you need to remember. You need to get an estate plan set up.

You might think that you don't need to worry about this now since you are young, but the truth is that you never what is going to happen or when. Getting your estate plan together now can help to protect your bundle of joy if something happens to you.

Setting up a plan for your child

One of the most important components of your estate plan that you need to handle is setting up the guardianship for your child. This outlines whom you want to care for them if you become unable to or if you pass away. Of course, this will come into the picture if the child's other parent isn't able to care for the child or passes away, too.

The guardian you choose should be someone who is able to commit to raising the child. Some people turn to their parents for this, but you should consider what will happen if they aren't physically able to handle this. It might be a better option to speak to a sibling or friend to find out who will be willing to raise the child in the way you would want.

It is possible to set a primary guardian and a back-up in the document. This provides an extra layer of protection since there is someone to step in if your primary option isn't available. If you have more than one child, be sure to set a plan for each of them.

Other considerations

Raising a child is an expensive endeavor. Providing some financial assistance to the person who going to raise them is a good idea, if possible. You can do this by using a trust set up for the purpose of helping with the cost of raising them. You also have the option of using your life insurance and handing over other financial assets to the guardian. Just make sure that you are thinking about the "what ifs" as you create your plan.

As your child grows, you may have to update the estate plan. It is a good idea to review it at least annually to be sure that it still reflects your wishes.

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