How to Update Your Will to Prepare for Baby
Do you have an existing will? Great! But now that you’re expecting, it’s time to make some changes to your estate documents to prepare for baby and protect your little one’s future. It may not be fun to deal with, but you want to make sure baby is taken care of in the unlikely event that something happens to you. So where do you start?
Your will should include every desire you have for your child, and how much money you’re gifting him or her to achieve those desires. Don’t forget those little details you daydream about, such as having your child attend private school or have 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 also need to name your child as the beneficiary to your assets. But until your child is 18 years old, you must also appoint a trustee, such as a relative or close friend, to manage the money.
Separately, you’ll also have to choose someone to care for the child. Good news: The financial and emotional guardians can—but don’t have to—be two different people. Learn more about selecting baby’s guardians here.
You can hire a lawyer to help you update your will—or you can go the easier, more cost-effective and just as reliable route and opt to use an online estate planning tool. Willing, the world’s number one estate planning site, has estate planning packages that begin at $69. You don’t need a lawyer to review your documents before submitting them—instead, the online will software guides you through every step of the process. You can even sign and notorize your will online. How easy is that?
Disclosure: This post contains affiliate links, some of which may be sponsored by paying vendors.