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Estate Planning For Baby

Expecting a new child into your life already involves a ton of planning. There are so many things to buy and rooms to prepare. Obviously, this will be one of the happiest times of your life despite it being one of the most hectic ones. That's why many people would rather not consider the bad things that can happen. However, you really should take some time to plan for the possibility of any life changing event that can surround the birth of a new child.

Before the birth, make sure that you update your will and other estate documents to include the newborn child as a beneficiary. Also, clearly state who you would want the guardian of the child to be if you or both parents become incapacitated or die. Something else you might consider are purchasing a life insurance policy that could help finance the child's needs. And then possibly setting up a trust to hold those proceeds which can be distributed at different intervals of your child's life however you want to stipulate.

If you are expecting a new family member it is always wise to consult with your estate litigation Attorney in order to be prepared for anything.

*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.

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