In our previous posts we discussed how to start a college fund and how to update your health insurance for your baby. In this post, we will discuss another important task you should do after having a baby.
3. Write A Will
While preparing for the arrival of your little one, one of the hardest things to think about is “what if something happened to me and who would take care of my precious baby?” This is not something any parent wants to imagine or consider, but it’s better to plan for the unexpected. Having documents in place for both you and your spouse will help you to have a peace of mind if something should happen to either one of you, or both in an unlikely situation. When you have children, it is very important to appoint a guardian (family member or friend) to care for them. This information is contained in your Last Will & Testament. If you haven’t made your wishes clear in your Will, the court would have to choose someone without any guidance from you. The common choice is a family member. But what if you really wouldn’t want certain family members to raise your children? Or what if your close friend, who has a good relationship with your children, would be better suited to take care of them? The court wouldn’t have any way of knowing. Most parents get stuck when they go to choose a guardian—after all, no one likes even thinking about someone else raising their children. Another reason you should plan early is that sometimes parents discover that they disagree on who would make the best guardian- this conversation should be had sooner rather than later!
This is one of the most important decisions you will have to make as parents. Not only deciding what’s best for your children, but having your documents in place will help you to have a peace of mind everyday!