If you’re a Georgia resident and looking forward to bringing home a new bundle of joy, you’re likely thinking about all the things you’ll have to do to prepare for the baby. While buying a crib and diapers, remember that estate planning is an important part of securing your child’s future. Here are a few tips new parents may want to consider.
Select a guardian and trustee
It’s important to select people or an individual who will serve as your child’s guardian if you pass away or become incapacitated. Your child’s guardian can be a grandparent, aunt or uncle, sibling, or close family friend. Discuss the possibility of guardianship with your family members and make your wishes concerning your child’s care clear once a loved one agrees to be your child’s guardian.
You’ll also need a trustee for your child. The trustee will oversee the funds you’ve left in your estate for your child until the child is old enough to manage the money on their own. Choose a reliable family member who is good for money for this task. The trustee can even assist your child with making wise investments with their inheritance in adulthood.
Create living documents
You’ll need to make sure your personal estate planning affairs are in order before you solidify the financial plans for your children. Create living documents that will let your family members know about your healthcare preferences. Select a healthcare proxy who will make medical decisions on your behalf and a power of attorney who will make legal decisions if you become incapacitated.
Keeping these estate planning tips in mind can reduce family misunderstandings and keep your children protected for decades to come.