3 things I always tell clients who are about to have a child - Business Insider

Wills determine how assets are distributed to heirs upon an individual's death. Advanced healthcare directives provide instructions for what action to take for someone's health if incapacity prevents them from making their own decision. Durable powers of attorney give authority to a person to act on someone's behalf if they are unable to do so themselves.

Some items that clients should particularly consider in their estate planning when having a child are adding a trust/trustee and guardian to the wills. Additionally, couples can add their child as a contingent beneficiary on their accounts , life insurance policies). If one or both parents were to die, then it is essential for their child to maintain financial stability.

. In situations where a couple already has life insurance, there should be an evaluation of the current amount and whether it is enough now that they are raising a child. totaling some multiple of their salary. For example, a company could offer each of its employees a life insurance death benefit of 2.5x salary, which would mean someone earning $125,000 annually would have coverage of $312,500.

The one downside to employer plans is that they are usually contingent on someone being employed with a specific company. Life insurance is a key element for asset protection within any family's financial plan, so it is important for at least some of the coverage to be independent of employment status. Our economy is always changing, and there are times people lose employment based on factors that were out of their own control. , a fee-only comprehensive financial planning firm.

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