An estate plan can reduce some of the worries facing new parents.
Some financial planning advice for new parents was recently published by Wealth Management in "Six Financial Planning Steps for Expecting Parents."
All of the listed steps in the article are important and worth consideration for new parents. However, the last one is of particular importance, because it is the one that is most often forgotten.
New parents need to get estate plans.
It is through estate planning that parents can prepare for the worst case scenario if something happens to them, the parents, before their children reach adulthood.
It is in estate planning that guardians are nominated for minor children.
It is also through estate planning that financial arrangements are made to make sure that minor children have the resources needed for their care, if something happens to the parents.
An estate planning attorney can advise you in creating an estate plan that fits your unique circumstances, including if you are new parents or expecting your first child.
Reference: Wealth Management (March 31, 2017) "Six Financial Planning Steps for Expecting Parents."