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Why starting a family and writing your will go hand in hand

If you are considering having children or adopting, you know that there’s plenty to do to prepare for the new addition to your family. However, one important step that is often overlooked is establishing a backup plan for your child.

While most people don’t think of writing a will until they’re retired, devising an estate plan is essential for new parents. Here are a few reasons why.

Establishing a guardian

Accidents happen and so do illnesses. While no new parent wants to imagine a world in which they leave their child all alone, this could become a reality if you don’t take the steps to choose a legal guardian.

In your will, you can specify who should take care of your child if you become incapacitated or pass away. Before choosing a caregiver, make sure you’ve chosen someone who would be willing and able to provide your child with emotional, education and financial support.

Having this conversation may feel uncomfortable at first, but in the long-run, you will feel more confident knowing that you can count on this person to be there for your child in case of an emergency or tragedy.

Setting up inheritance distribution

When children are very young, it’s usually a good idea to set up staggard distribution or a trust fund for your child. These methods would help separate their inheritance out over time so that you can prepare them to save and spend wisely even if you’re not around.

Keeping the family in check

The start of many family conflicts comes from probate disputes. Due to miscommunication, some family members may believe they are entitled to a higher inheritance than they are. Probate also has a tendency of reigniting existing jealousy or rivalry within the family.

In a world where you’re not able to care for your child, it’s a good idea to do what you can to keep the family at peace with one another. By having a clear and dry estate plan that you have discussed with your beneficiaries, proceedings should go over much more smoothly. The more cooperative your family can be, the better chance your child has at gaining as much support as possible.

You can learn more about how setting up your will can benefit your new child by speaking with an estate planning professional.

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