With a new baby and a bright future ahead, estate planning is likely one of the last things on your mind. However, this is actually one of the most crucial times to think about what will happen when you die. You’re a provider, and you need to have a plan in place to support your dependents.
As a parent, you don’t want to leave your spouse or your child to deal with the complicated process of probate or to make decisions while grieving. The best thing you can do for your family is to plan in advance.
Key considerations for young estate planners
- Choose a guardian for your child. You and your spouse, if you have one, will need to make provisions for your child in the event of one or both of your deaths. This is a very important decision, and you should make sure to consider carefully. Does this person share your values? Does your child know them? Has the individual given consent? Be careful not to choose someone too young or too advanced in age. You want this individual to be available to take on the responsibility whenever necessary.
- Don’t forget about your digital assets. Make a plan for your digital files and property, from music to videos to documents. Keep access passwords somewhere safe and easy to find. Choose someone to entrust this part of your estate to.
- Create an adaptable plan. As you still have a lot of life left to live, consider a living will. You may want to consider granting power of attorney to an individual in case a medical decision comes up that is not covered in your will. You need someone to make choices on your behalf if, for any reason, you are incapacitated.
There’s no such thing as an early estate plan, but there is such a thing as one that’s too late. Don’t leave your family in a difficult position. Decide now and live with the security of knowing you’ve taken care of your family no matter what happens.