Many important subjects need to be discussed before your first baby comes along. However, don’t forget to consider key issues, such as health insurance, finances and guardianship.
In the frenzy of making plans for your first baby including the route to the hospital, names and nurseries, it is important not to forget financial arrangements, according to the Business Insider in "The first 3 things to do with your money before you have a baby are easy to overlook."
Things that you should do include:
- Make sure that you understand health insurance and how to get your new child on your plan as soon as you possibly can. If your employer provides your insurance, then speak to your HR representative about what you will need to do.
- Make sure that you have plenty of access to cash. Children often require parents to spend cash in emergencies. You will need to have liquid assets so you can do that. A financial advisor should be able to assist you in getting those liquid assets.
- Think about who you would want to be the guardian of your child, if anything should happen to you. You should then go to an estate planning attorney and get a will, so the person you want to be guardian will be appointed by the court.
Reference: Business Insider (August 22, 2017) "The first 3 things to do with your money before you have a baby are easy to overlook."