When you become a new parent, there are many things you can do to protect your child’s future. Naming a guardian can give you a voice in who cares for your children in case something happens to you and your spouse.
It can be beneficial for new parents to learn about guardianships and their role in estate planning.
Guardianship and estate planning
Creating an estate plan when you become a parent or have another child is a good idea. Not only can you designate a guardian for your children, but you can also include trusts, wills and end-of-life plans that can assist your relatives and loved ones if you die. In addition, an estate plan can help your beneficiaries save money by avoiding probate and taxation. You can better provide for your children by creating an estate plan.
Choosing a guardian for your children
Selecting the right person or couple to name as guardians for your children can be challenging. You should try to balance your children’s various needs and choose someone reliable and safe. Sometimes, designating a sibling or relative is beneficial because your children can remain within the family. However, naming a friend or trusted loved one might make more sense if your family members live far away or you do not have a healthy relationship with them. Remember that you can change your plans as you and your children grow older.
Once you start a family, it is essential to plan for the future. You should consider creating a will or estate plan that names guardians for your children.
