Pregnancy can be an exciting time. Yet, if you’re pregnant, you may understandably feel a little scattered and overwhelmed due to hormone changes and changes related to how you live your daily life. As a result, one important task may be overlooked as your family circumstances evolve: estate planning.
Creating or updating an estate plan during pregnancy can help to safeguard your child’s financial and emotional future. If you’re expecting, and don’t have a current estate plan in place, now is the time to act.
Why act now?
An estate plan isn’t just about distributing assets. It’s also about providing security and clarity for your loved ones. As a parent-to-be, your primary concern is likely the well-being of your child. An estate plan allows you to take numerous actions that can potentially benefit your child in the event that something happens to you.
For example, one of the most potentially consequential decisions you’ll make when estate planning involves naming a guardian for your child in the event you and your child’s other parent are unable to care for them. Without a legally documented guardian, the court will make this decision. And if you are like most parents, this is a decision that you don’t want to leave to someone else.
Additionally, you’ll want to manage financial and practical matters in various ways when estate planning. Yet, creating an estate plan during pregnancy doesn’t have to be overwhelming. Start with the basics and take each step one at a time.
Pregnancy is a time of joyful anticipation, but it’s also a time to prepare for the unexpected. By creating an estate plan now, you’ll not only protect your child’s future but also provide yourself with peace of mind.