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Adding to your family means revamping your estate plan

For many families, estate planning is something that is overdue. Thinking about your demise isn't exactly something that ranks high on a list of things to contemplate.

If you added a baby to your family, then it is time to create an estate plan. Ensuring that your child will be taken care of should something happen to you and the child's other parent it's vital. Your estate plan can detail who will take over as guardian, whether there will be any funds set up for your child's care and at what age he or she can inherit any funds from your estate

When you choose a guardian, it shouldn't be a decision that is made quickly and with little forethought. You should speak to those you are considering naming as guardian, because this shouldn't be something that comes as a surprise.

The person who will oversee the financial affairs of your child doesn't have to be the same person who is named as guardian. You may, however, need to think about how some family members will feel if they aren't the ones you choose for either position. Some family members can be very offended and feel as though you simply didn't trust them enough. This is about the care and well-being of your child, though. It's not about who is offended at your choices. After all, you are the parents.

If you are suddenly incapable of taking care of yourself, your estate plan allows your chosen individual to make financial and/or health care decisions for you. You should make your preferences very clear, as you don't want your family or friends guessing about your desires.

As you can see, estate planning is exceedingly important, not only to your child, but to your other family members. Your attorney can help you determine what choices to include in your estate plan. This will help you relax, knowing that you have taken care of these important matters.

Source: nerdwallet.com, "Congrats on Your New Baby! Now It’s Time for an Estate Plan," Brian McCann, accessed Jan. 18, 2017

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