Checklist of Estate Planning for New Parents
- Write a will: Specify who will be the guardian of your children if you and your spouse pass away.
- Name a power of attorney: Designate someone to make financial and medical decisions for you if you’re unable to.
- Update your insurance policies: Consider increasing your life insurance coverage to provide financial security for your children and review your short and long term disability coverage
- Review your beneficiaries: Update your retirement accounts, bank accounts, and investment accounts to ensure your named beneficiaries is who you want.
- Store important documents: Keep your will, and powers of attorney in a secure and accessible place and make sure your designated executor knows where to find them.
- Plan for college: Consider opening a college savings plan, such as a 529 plan, to help pay for your children’s education.
- Review your plan regularly: As your family grows and circumstances change, be sure to review and update your estate plan accordingly.
