Congrats on adding a little bundle of cuteness to your family. Take some time between diaper changes and cuddle sessions to do some planning.
If something happens to you and you don’t pick a person to care for your kids then the courts will be doing it for you. [Dig Deeper: All You Need To Know About Creating A Will]
Your POA has power over everything involving your finances. This includes paying bills, managing bank accounts, overseeing investments, signing contracts, and filing your taxes. [Dig Deeper: All You Need To Know About Naming A POA]
The components of an Advance Directive include: Naming a Health Care Proxy, creating a Living Will, Organ Donation and other medical odds and ends to take the burden off your family if you get sick or are the victim of an accident. [Dig Deeper: All You Need To Know About Advance Directives]
If something happened to you today would your family know where you keep all your important paperwork? This includes all the stuff listed above (Will, Life Insurance Policy, POA, Advance Directive...) as well as passwords for digital accounts. [Dig Deeper: All You Need To Know About Organizing Important Documents]
People set up trusts to minimize estate taxes, avoid probate court, and seamlessly transfer money and property to heirs. [Dig Deeper: All You Need To Know About Trusts]