Many people put off their estate planning when they’re single, either because they don’t have many assets or because they don’t know who they would leave them to. Some continue to neglect it after they get married, even as they gain more assets, just assuming everything will go to their spouse.
In this way, becoming pregnant can actually be a wake-up call that tells you it’s time to get that plan in place. Your child may not be born yet, but it’s time to start thinking about his or her future. Some of the questions you may want to ask include:
- If something happened to you and your spouse/significant other, who would take care of your child?
- What type of financial planning can you do now for the child’s future costs, such as college tuition?
- What is the best way to leave your assets to a minor? For instance, you may want to put them in a trust to hold them until the child turns 18.
- What assets may the child own almost immediately, such as funds you have already set aside or that your parents have given you for their benefit?
The key here is that you’re now thinking about far more than your own wealth, your own life and your own plan. You are thinking about your entire family. That includes your child and the other parent. You need to know what you can do to help things go smoothly for everyone involved, and estate planning can accomplish that goal. If you want to get started, it’s time to look into the legal options you have.