Becoming a parent means that life changes almost completely. Many Pennsylvania parents may need some time to adjust to their new life, but they often do so with joy and happiness. Having children can mean that certain tasks that were once put off may need addressing almost immediately, and estate planning could be one of those tasks.
Though people without children would be wise to create an estate plan as well, parents have a particular need to ensure that their affairs are in order. For instance, a will is the place where parents can name their chosen person to act as the guardian of their minor children in the event that the parents can no longer provide care due to incapacitation or death. Without this designation made in a legally-binding document, the court would decide who would take on the role. Of course, it is important to consider a candidate’s abilities and willingness to take on the role before naming that person.
It is also important to keep financial matters for such a scenario in mind. Life insurance could help a guardian pay for the sudden expenses that come along with raising children, or policy payouts could be designated for future costs the children may face, such as college tuition. In either case, having life insurance could better ensure the financial stability of the children.
Though focusing on the joy of having children is certainly important, it is equally necessary to consider arrangements for a worst-case scenario. It can be difficult for some Pennsylvania parents to think about not being able to care for their kids, but it is a situation that could happen to anyone. Estate planning early and making updates as necessary could better ensure the care and well-being of those children under various circumstances.