Estate planning for an unexpected child is relatively easy

Estate planning for an unexpected child is relatively easy

On Behalf of | Aug 29, 2023 | Estate Planning

In most families, the difference in children’s ages is between 24 and 29 months. Occasionally, families get a surprise with a new arrival they didn’t plan for. The new baby could be as much as ten to 12 years younger than their closest sibling.

After celebrating the new arrival, parents must plan for their youngest child, who will have different needs than older siblings. Making changes to your New York estate plan is relatively simple.

Here are some simple tips

It’s essential to make changes to your estate plan, including:

  • Choosing guardians for your children
  • Making executor changes
  • Pot Trust
  • Update beneficiaries

Age gaps should be a consideration when choosing guardians. A grandparent may be an appropriate guardian for older kids. However, if the older siblings are of legal age, consider them guardians.

Making changes to your executor can prevent problems down the road. If your older children are appointed executors at 18, add the same designation to your youngest child.

Many people need to become familiar with a pot trust. The trust can be set up to provide for your youngest child. Older siblings may have most of their expenses covered. A pot trust will allow the youngest child the same benefits. A designated trustee can manage the pot trust.

Updating your beneficiaries ensures that your surprise child will be cared for. If a life insurance policy names your older children as beneficiaries, the youngest child won’t receive any of the proceeds, even if their name is added to your will.

Planning beforehand is the key to making estate changes

The time to plan for the future of your surprise addition is when you learn that your child is on the way. Make sure you choose a guardian for your child, update your beneficiaries, and make the necessary changes to your will before your blessed event.