New Year, New Baby? 4 Estate Planning To-Dos

If you’re expanding your family and welcoming a new baby in 2023, congratulations! Preparing for a new baby can be an exciting and very busy time — so much to do in anticipation of a new little one. As you’re making your to-do list, it’s time to add estate planning for your child’s future. Luckily, when you work with an experienced estate planning lawyer, estate planning couldn’t be easier! Read on for more tips and, if you’re in the greater Milwaukee area, contact me, Attorney Paul Margerie of Margerie Law, for estate planning services.

If you already have an estate plan, welcoming a new child is a great moment to revisit and update anything that needs to be updated. If you haven’t yet created your will and powers of attorney, now is the time. Read on for a few estate planning to-dos to prepare for your new baby.

• Name a guardian for your child in case something happens to you.
  If something were to happen to you, it’s important to make sure your child would be cared for by someone you trust. That’s why it’s a good idea to appoint a guardian for your child in your will. The guardian will be responsible for caring for your child and making decisions about your child’s education, health care, and welfare. And while it may be difficult to think about someone else raising your child, remember that the guardian you choose will be someone you know and trust. So take the time to choose someone who you think would be a good role model and who would have your child’s best interests at heart.

• Make sure your will is up-to-date and reflects your wishes for your child.
  A will is a legal document that outlines your wishes for what should happen to your assets after you die. If you have minor children, it is especially important to have a will in place so that you can appoint a guardian for them. If something were to happen to you and you didn’t have a will, the court would appoint a guardian for your children, which may not be whom you would choose. In addition, if you die without a will, your assets will be distributed in alignment with Wisconsin state law, which may not reflect your wishes. For these reasons, it is important to make sure that your will is up-to-date and accurately reflects your desires for your child’s future.

• Put together a trust fund or savings account to provide for your child’s future needs.
  As any parent knows, providing for a child’s future can be a daunting task. There are many unknowns, and it can be difficult to predict what your child will need. However, one thing is certain: the cost of living will continue to rise. This makes it all the more important to start saving for your child’s future as early as possible. One way to do this is to set up a trust fund or savings account specifically for your child. This will give you peace of mind knowing that you are doing everything you can to provide for your child’s future needs. Additionally, it will allow you to take advantage of compound interest and potentially grow your child’s nest egg even further. An estate planning attorney can help steer you in the right direction for how to best save for your child’s future. You can also consult a financial advisor.

• Keep important documents like birth certificates and social security cards safe and easily accessible.
  As you wait on the arrival of a new baby, now is a great time to get organized and ensure all important documents are stored safely. Your new baby will have their own birth certificate and social security card, and you’ll want these stored somewhere safe. But sometimes it can be difficult to know where to store them so that they’re out of sight but still within reach. A good solution is to create a home Safe Room. This can be as simple as a locked closet or cabinet, or a more elaborate space with a fireproof and waterproof safe. The important thing is to make sure that your Safe Room is well-organized so you can find what you need quickly and easily in an emergency. By taking the time to create a safe and accessible place for your important documents, you can rest assured that they’ll be there when you need them.

Making plans for your child’s future can be challenging to think about, but it is important to have a plan in place to protect your growing family. By following the tips above, you can help ensure that your child will be taken care of if something happens to you. If you need assistance with estate planning or have any questions, Margerie Law is here to help. We serve clients in Milwaukee and the surrounding areas, and our team would be happy to assist you with all of your estate planning needs.