Q&A: Update Wills To Prepare For Baby?
What changes should I make to my will in order to prepare for baby?
Your will should include every desire you have for your child, including those little details stored in your daydreams, such as private school or a lavish wedding. Remember, this document serves as the instructions you’ll leave behind and unless they’re all in writing, your wishes are anyone’s guess.
To fund all these wishes, you’ll need to name your child as the beneficiary to your assets. But until the kid is 18 years old, you must also appoint a trustee to manage the money, such as a relative or close friend.
Separately, you’ll also have to choose someone to care for the child each day, and good news: the financial and emotional caretakers can — but do not have to — be two different people.
Finally, state laws vary so, make sure your will is legal and in-line with regulations by consulting with a trust and estates lawyer.