Do new parents really need an estate plan?

New parents have a lot on their plate. They are working to establish their careers while also starting a family. It is easy for many goals to be put on the backburner while you focus on work and family. One goal new parents will want to take, however, is executing an estate plan. This includes executing a will, a living will and powers of attorney.

Why execute a will?

Most of you know that you can pass down your property to loved ones in a will. However, for new parents executing a will becomes even more important. This is because you can designate a guardian for your child in your will.

The guardian will take care of your child should you and your child’s other parent pass away before the child is grown. While it is unpleasant to think about this prospect, it is better to be prepared and make sure your preferences are known.

Plan for your health

New parents should also consider executing a living will and powers of attorney. You can designate what kind of end of life care you want in a living will. For example, you can dictate whether you want CPR performed or whether you want to be put on life support if it comes to that.

You can designate someone to make health care decisions on your behalf in a medical power of attorney, should you be unable to express your preferences. You can designate someone to make financial decisions on your behalf in the same circumstances.

Don’t put off estate planning

While it is not pleasant to think of incapacitation and death, the fact is that new parents could be seriously injured or ill, making these documents an essential part of a comprehensive estate plan. You can look at it this way. You can be left without a plan should the unthinkable happen or you can prepare ahead of time. Proper measures taken while you are still in good health can be a significant benefit to you and your loved ones should you become seriously injured or ill or should you unexpectedly pass away.