Let’s face it, as a new parent, your to-do list is long enough already without adding even more things to it. So why add estate planning to the mix?
Well, besides giving you adult points at the next playgroup meetup, it’s about making sure your little one is taken care of, no matter what. It’s like the serious version of packing an extra nappy in the diaper bag — you hope you won’t need it, but you’ll be glad it’s there if you do.
According to David Kaplan. Co-founder of the end-of-life planning service Willed, “writing your Will means your child will be cared for by people you trust and supported financially.”
The added benefit? Peace of mind, which is almost as good as an uninterrupted night’s sleep (almost).
These are his tips for getting it sorted.
1. Write a Will
Think of a Will as your parenting playbook for the future. It’s where you call the shots on who gets what, and most importantly, who’ll be your kiddo’s guardian if you’re not around. And no, you can’t will away those 3 AM feeds!
2. Pick a Guardian
Choose someone who’ll love your little one as much as you do (okay, almost as much). Think favourite aunt or uncle material — someone who’ll spoil them rotten but still make them eat their broccoli.
3. Set Up a Trust
A trust is like a super-powered savings account for your child. It’s perfect for making sure there’s money for important stuff like education, or their first car.
4. Update Your Beneficiaries
Remember all those grown-up accounts you have? Time to add your new little human to the VIP list. Your super, life insurance — the works!
5. Sort Out Power of Attorney
Pick someone to be your decision-making sidekick if you’re ever out of action. This should be someone you trust implicitly to make the right decision, so they should be familiar with how you think.
6. Get Life Insurance
Think of life insurance as your family’s financial fallback plan, ready to swoop in and save the day if you can’t. Choose a policy that could cover those big dreams you have for your little one, like university fees or their future wedding.
7. Document Important Things
Create a folder (physical or digital) with all your essential info — birth certificates, insurance policies, bank details, logins, etc. Make sure your partner or a trusted friend knows where to find it, just in case.
For more information on writing your Will and power or attorney, visit Willed.com.au or call 1300 945 533.