Whether your child is born in a Nevada hospital or anywhere else, becoming a parent is a significant milestone in your life. Ideally, you will review your estate plan after the birth of a child to ensure that its needs can be met if you die or become incapacitated.
Do you have a will?
If you don’t have a will, you’re missing out on an opportunity to name a guardian for your minor son or daughter. Having a will may also make it easier to ensure that assets are distributed to that guardian until your children are old enough to inherit them directly. If you do have a will in place, make sure to update it to include provisions for your child. It may also be a good idea to review the document for other errors that may make it harder to carry out your final wishes.
Check your beneficiary designations
It may be a good idea to name the person who is appointed to care for your child in your absence to be the beneficiary of a life insurance policy or bank account. This may ensure that he or she has the funds necessary to provide your child with a quality standard of living. Taking such an estate planning step can also ensure that assets don’t accidentally go to a dead relative or to anyone else who can’t legally inherit them. In such a scenario, those assets may be subject to probate, which can be lengthy and expensive.
Welcoming a child into your family is typically a joyous event, but it also means that you’re responsible for another person’s wellbeing. Reviewing your estate plan may be a key step in making sure that you are able to fulfill your parental obligations.