Major life changes often warrant you taking a fresh look at your Ohio estate plan, and having your first child is one such life change. Once you become a parent, it becomes more important than ever that you have plans in place for your child in the event that something happens to you.
Per Kiplinger, you may want to take the following two steps with regard to your estate plan once you have a son or daughter of your own.
1. Modify your beneficiary designations
Many parents want to include their young children in their estate plans. However, you may need to take extra steps when doing so if you want to set assets aside for a minor. Minors are unable to control property. As a result, you may have to establish a trust or explore other avenues to make your child the beneficiary of certain accounts or policies.
2. Establish living documents
If you do not have a power of attorney or living will in place by the time you have a child, now is a good time to create them. Giving someone power of attorney helps ensure that your child receives what he or she needs if you are unable to manage such matters yourself. A living will gives your children or other loved ones something to reference so that they know your wishes in the event of a medical emergency.
These are two important estate planning steps to take once you have a son or daughter of your own. However, other estate planning-related matters may also deserve renewed attention once you have a child.