Texas parents who are welcoming their first child into their homes have many new things to learn and discover. Parenthood is a journey and an adventure, and preparing for it is itself a major project. From decorating the nursery to stocking up on all of the baby goods you will need, there are many practical and delightful tasks when preparing for your baby to arrive. While stocking up on diapers and onesies may be many new parents’ first practical tasks, there are also major legal tasks to consider when becoming a parent for the first time.
Preparing legally for new parenthood
For example, many new parents may opt to purchase life insurance for the first time or expand their policy to be far more comprehensive when they are expecting a child. Similarly, new parents may wish to consider estate planning in order to help prepare for and protect their child’s future. While getting ready for parenthood is a joyous task, estate planning can help to ensure a child’s future is protected.
Estate planning is not only about setting up a will; in fact, one of the most important decisions that you can make includes preparing a health care proxy and a power of attorney in case of sudden incapacities, such as an accident. This ensures that the right person is making health care decisions for you and can access funds to provide for your children.
Estate planning concerns for parents
When it comes to making a will, you will want to think about how to distribute your property and possessions. However, one part of your will that becomes particularly important for parents is deciding on a guardian should you both pass away while your child is still a minor. While any proposed guardian must later be approved by the court, the parents’ opinion is given a great deal of deference.
In addition, trusts and similar documents can help to protect a child’s interests and financial needs over time, from ongoing expenses to education costs. As you consider guardians and health care proxies, you can also consider who you would name as a trustee. These estate planning ideas can help to provide you with peace of mind as you welcome your new family member.