As a good rule of thumb, you should review your estate plan any time you experience a significant life event, such as a divorce, marriage, or death of a child or family member. You should also include pregnancy in this list, as there are specific estate planning concerns you will want to address once you learn you are pregnant. Let’s take a look at some of the most important issues.
When you become pregnant you may want to change the terms of your living will or other advance medical directives. The medical choices you make will now have to take into consideration the life of your child. Additionally, many states have specific limitations on medical directives when they are used by pregnant women. You’ll need to consult with your attorney for more detailed information about this situation.
As a parent, you get to decide who you want to serve as a guardian over your child should you die. You will need to make your choice in a manner provided by law, but you can select whomever you wish as long as that person accepts.
Your child will also need to be financially protected should something happen to you, and creating a trust is one of the best ways to ensure your child will be financially cared for in the future. There is a wide range of trusts you can create, so you’ll need to consult with your attorney for more detailed advice.
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