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Should you plan your estate while expecting a child?

When you are expecting a child, it is easy to feel like that is where all of your time and attention should go. After all, preparing for a child in your life takes a lot of effort and advanced planning.

But at the same time, this is the last period of time in a long while where you will have a relatively open schedule. It is best to take care of matters like estate planning now, rather than waiting until your life is full of caring for your baby.

Ease anxiety through estate plans

Forbes discusses steps to take when expecting a child. One of these steps is to take care of estate planning matters. Not only can this lower your anxieties about the future, but it gives you the tools you need to face potential difficulties that the unknown days ahead may bring.

Now is a good time to check back over any plans you have already made, too. Who did you write down as your beneficiary for your 401(k) or IRA plans? What about your life insurance policies? If you already have an estate plan in place, you will want to review that as well.

Review your beneficiaries

At this point, you likely want to name your spouse or co-parent as the primary beneficiary and your child as the secondary beneficiary for most things you can have inherited.

Finally, consider getting into a term life insurance plan if you have not already done so. You may want to enlist legal help at this point, as they can navigate through the fine print of these forms and tell you exactly what is happening.

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