You already have plenty to think about as new parents in Maryland. One of the last things on your list of concerns might be your estate plan. But if you’re not be thinking about what will happen to your child if one or both of you were to pass away, they may not be covered for the future.
If you are incapacitated
It’s often a good idea to start with your estate planning documents. As much as your life changes once you have a child, you still have to take care of yourself. You may want to do everything for your kids first, but if you don’t make sure your estate plan is handled, it can leave your children in a bad situation.
A comprehensive estate plan could help ensure that there’s a person who will have access to funds for your kids if you were to be incapacitated. It’s also a way to designate a person who will see that your children’s needs are met. This can be done when you name an official healthcare proxy and establish a power of attorney.
Trustees and guardians
Guardians are there for the parenting side of things in estate planning. This includes everything from getting them to and from school, making sure they brush their teeth, knowing their dietary restrictions and everything in between.
Make sure the person you pick as guardian is up for the responsibility because it’s a huge undertaking. And keep in mind that if it doesn’t seem to the court like the guardian is a good fit, the decision might be overruled.
A trustee is there to act as treasurer for your child. This person will handle money matters by making sure all the bills are paid and that income tax returns are filed when due.
