Many California residents feel like there is no greater joy than having children. For new parents, the feelings of excitement, happiness and love for their new child may be overwhelming. Because they undoubtedly want to do what they can to protect their child in various ways, they may want to look into estate planning.
Some individuals may wonder how creating an estate plan could protect a child, but having this plan could ensure that the child would receive necessary care in the event that the parents cannot provide it. When it comes to ensuring care, parents can create a will that names a guardian for their child in the event that both parents become incapacitated or suffer fatal injuries. It is also wise to buy life insurance because it can provide financial stability after such an event.
Additionally, parents can update their beneficiary designations to make sure that their new child is included as a beneficiary in the will or on specific accounts. For example, new parents may want to add their child as a secondary beneficiary to retirement accounts or similar accounts that they may have named their spouses to as primary beneficiaries. Forgetting to make such updates could leave a new child out of receiving his or her inheritance.
Estate planning can be beneficial for most people, and new parents would be particularly wise to consider their planning options. Remembering that estate plans can have benefits for loved ones as well as the individuals creating the plans may help spur California residents into taking the first steps toward making plans of their own. Interested parties may want to utilize local legal resources for more information.