Now that you're pregnant, it's a good idea to update your estate plan. There’s no point in having an outdated will, or worse, no will at all. Because let's face it: Having a baby pretty much changes everything, and if the worst should happen to you and your partner, you want to make sure your child's future is secure.
In fact, any big life change, like getting married or divorced, inheriting assets, acquiring or selling new property and any changes to applicable laws are good reasons to update your estate plan— which consists of your will, trust and guardianship documents—or to create them if you don’t already have them.
When updating your will, you’ll want to make sure baby is cared for in the event of your death—meaning your child has a guardian and money—and that your property passes on to the right person.
Review your plan periodically to make sure it continues to meet your family’s needs. As your family changes, the size of your estate and your goals will also change, requiring you to revise your plan. Some attorneys offer maintenance programs that provide you with legal updates and allow you to make amendments to your existing estate plan whenever a life-changing event happens.
But there are also online estate planning tools that let you create digital estate planning documents that can be updated at any time. Willing, for example, allows you to create a will and get it signed, notarized and witnessed entirely online without having to pay for a lawyer. Your documents are stored digitally and are free to access and amended.
Updating your estate plan might seem like a daunting task, but luckily there are services out there that make it simple and convenient. At the end of the day, what's most important is ensuring that your child is well cared for, according to your wishes, no matter what the future brings.
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