Bringing a child into the world is an incredibly exciting life event, however there are so many things that must be arranged and prepared in order to properly care for your new child. Between baby-proofing the house, buying diapers and other necessary supplies, and adjusting to the parent lifestyle, some very important steps can be overlooked, including updating your estate plan.
There are many risks involved if you have not prepared an estate plan. Your children are your dependents, and rely on your estate plan to protect their future in the unfortunate event that you were to become incapacitated or pass away. In this terrible situation, important documentation like your Will, Trust, Power of Attorney, or Health Care Proxy ensures that your child has the care, finances, and security they need. These documents prevent the courts from appointing someone that you would not choose to raise your child, and protects your adult loved ones from being subject to lengthy and expensive court cases in order to manage your affairs. Documents like a Will allow you to make your child a beneficiary of your estate, so that you can ensure that they receive the assets you want when you are no longer there to support them.
We know that protecting your child is a priority, which is why updating your estate plan is a must. According to a survey done by Caring.com, only 4 of 10 American adults have any estate documentation, and among those with children, only 36% have a plan in place. We cannot predict the future, but we can plan for it, and including your children in your estate plan ensures that you have the control that you deserve no matter what. Through Gentreo these steps are made easy and affordable so that you can spend less time worrying about the future and more time enjoying the present.
Steps to Update Your Estate Plan When You Have a Baby
When you have a new child, you should consider reviewing these documents to make sure they’re up-to-date, and the person or people you have chosen are still able to serve if something happened. Having current documents will prevent your loved ones from needing to go through court in order to make these important decisions, saving them time, money, and stress during already grief stricken times.
Having a child is a huge life event, and with it comes many life changes. At Gentreo, we know that protecting your child is the number one priority, and want to make sure that you have all the resources needed to ensure that they are prepared for anything. Gentreo makes it easy and affordable to create, update, and store your estate documentation. With the Gentreo Digital Family Vault, everyone knows where to turn in the event of an emergency and instant access is always just a few clicks away. Sign up today to give your children the protection they deserve.