Expecting a baby is a momentous occasion. There are so many wonderful things coming your way. But, in the excitement of it all, one very important area may be overlooked: estate planning decisions. And these decisions are important because you want to make sure your bundle of joy is well cared for no matter what. So consider the following:
1. Health Care Directive. This document (also known as a Living Will) states your wishes regarding life sustaining health care measures and names the person you have selected to make health care decisions on your behalf if you are unable. It can include special clauses pertaining to your wants should problems arise during your pregnancy or at the time of delivery. While in most cases all will go well, preparing a Health Care Directive that covers unforeseen medical emergencies will help ensure that you and your baby receive care in keeping with your wishes if problems should arise.
2. Will. Preparing a Will is also very important if you are expecting. Among other things, your Will states who you’ve chosen to serve as your child’s guardian. If the unthinkable should happen, and your child is orphaned, the intended guardian is clearly identified. Family, friends and the courts will not have to guess what you intended. You’ve made your wishes known!
3. Trust. If you have assets (such as property, stocks and bonds, life insurance), you may want to consider setting up a Trust for your future child. Under this arrangement, your designated assets are “held” in Trust, and a Trustee, selected by you, manages the assets – investing and distributing them as needed for your child’s benefit. While a Trust is not for everyone, it is certainly something to consider if you are concerned about leaving assets to a minor.
Having a baby should be a joyous time. Doing some important estate planning can help remove some worries and leave you with more time to relish the experience!
Geting Legal Help
Experienced Estate Planning Attorney, Elga A. Goodman, can help you with all aspects of estate planning. Contact us today at 973-841-5111.
Posted in: Uncategorized