The addition of a child to your family can be exciting, meaningful and stressful. As new parents or parents to a new child, there are a number of things to consider, especially financial and legal implications of parenting. The list can be overwhelming but taking the time to plan for the new addition to your family can reduce the stress. This checklist provides you with a place to start planning.
Before your baby arrives, there are many things new parents should consider, here are a few:
- Do you have insurance? If so, what are the expected out-of-pocket costs of the delivery?
- Have you identified a doctor or midwife? Is there a particular hospital you wish to deliver your baby?
- Does your employer provide for time off to attend doctors’ appointments?
- Have you selected a pediatrician? If not, consider getting referrals from friends and family.
- Have much maternity/paternity leave can you take? Will it be paid time off?
Once Baby Arrives
Here is a list of things new parents should consider once your baby arrives:
- Did the hospital apply for a birth certificate? Do you need to do so?
- Obtain a Social Security Number for your baby.
- Add your baby to your health insurance.
- Before your baby starts crawling and walking, make your home safe for the baby.
- Are you returning to work? If so, who will keep your baby while you work?
- What is your employer’s policy regarding taking time off to care for a sick child?
- If you have a Last Will and Testament, revise it to name a guardian for your baby.
- If you do not have a Last Will and Testament, write one naming a guardian and consider including a trust for the management of your child’s inheritance.
- Review your life insurance and determine if you have sufficient life insurance to provide for your family.
- Consider starting an educational savings account for your baby.
We work with individuals and families developing estate plans to include naming guardians for minor children and creating trusts. To discuss your specific case, call us today at (678)781-9230 or email us at email@example.com to schedule an appointment.
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.