The Ultimate Guide: New Baby
Along with all the joy and day-to-day practical considerations of a new baby, you will also need to ensure that you have a protection plan in place.
Step 1: Will
Your most immediate need is a Will. If you don’t have one, it is imperative that you create one to make sure that should the unexpected happen, the court knows who you would want to act as your new baby’s guardian. If you already have a Will, it’s important that you review and update as needed to make sure that your new addition is included and accounted for.
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Step 2: Health Care Proxy & Financial Power of Attorney
Your next priority is creating or updating your health care proxy and financial power of attorney documents to ensure they accurately reflect your wishes. The purpose of having each of these legal documents and plans in place is to eliminate uncertainty and ensure your wishes are honored, should you become incapacitated. The last thing anyone would want is for your new baby to end up vulnerable because you did not take the necessary steps to guarantee their future care.
Step 3: Digital Vault
Once your documents have been created and/or updated, it’s critical that they are securely stored while still remaining accessible to those you have empowered to act on your behalf. Emergency situations are inherently hectic and stressful, a digital vault is your solution to avoid the confusion and panic that can ensue when no one knows your wishes – or worse: knows your wishes but can’t find your documents.
It’s critical that you update your Gentreo Digital Vault with your new baby's essential documents including a birth certificate, social security document, and any other relevant health and financial information, including preferred pediatrician’s contact information, known health concerns including allergies, as well as any relevant financial accounts. Be sure to update health insurance coverage information to make sure health care visits are proactively covered.
Other Considerations
A new baby presents a prime opportunity to review your current life insurance policy. If you do not have an existing policy, this life milestone is an appropriate time to consider purchasing one to make sure that your new family member has enough financial assets to cover their needs, should the unexpected happen. It is also prudent to discuss with your insurance agent, your need for short and/or long-term disability insurance. Some employers offer life and disability insurance, so be sure to review your employer’s benefits package.
Remember: Not only do you need to take all of the above steps, but your spouse, partner, and any other legal guardian should as well. Estate planning documents only cover the named testator, and every adult needs their own to ensure your family’s new addition is afforded the protection and care of an all encompassing plan.
Checklist
- Review your Will. Is your new baby included as a beneficiary? Is your choice of guardian(s) up-to-date?
- Have you appointed your health care agent?
- Have you appointed your financial power of attorney?
- Do your named agents and other relevant loved ones have access to your Will, Health Care Power of Attorney, and Financial Power of Attorney?
- Have you included all relevant health and financial information in your Gentreo Digital Family Vault? Remember to include essential documents including a birth certificate, social security information, insurance information, preferred doctors / medical facilities, and known health concerns including allergies.
- Have you added your new baby to your health insurance?
- Have you reviewed your life insurance policy? Is it sufficient? Is the beneficiary correct?
- Do you need long term care disability insurance?
- Has your spouse/partner completed all of the above?
