1. You need to meet with a financial planner. Let's face it: children cost money. If you're a new parent, it's a good idea to consult with a financial planner about what kind of savings you need to begin putting in place to finance your child's education.
2. You should purchase life insurance. Life insurance is intended to replace the income you would provide your family in the event of your untimely death. The amount of insurance you should buy depends on the standard of living you'd like to assure your dependents. As a new mom or dad, it's important to find out what Social Security benefits your child would be entitled to and make sure you're able to supplement that amount with insurance proceeds or private investments. Be sure to talk to a financial adviser about the amount of insurance you should purchase. He or she will talk about your lifestyle and determine what's appropriate for you and your family.
3. Single parents need to make sure they are receiving an appropriate amount of child support from the non-custodial parent. This one is self-explanatory. If you're a new mom (or dad) who is not receiving financial support from the other parent, take the time to explore the Attorney General's website for information about child support benefits. To navigate these waters, it's a very good idea to contact an attorney to talk about what it takes to begin receiving child support for your new bundle of joy.
4. If you don't have a last will & testament, you need to write one. If you do have a will, you need to update it to include your new addition to the family. No one wants to think about death ever, but the reality of life is that it is nothing if not uncertain. It's a very good idea to make sure that your last will & testament is clear about who you'd like to take care of your child in the event that you're not available to do so. If you've already written a will, the birth of a new child is an excellent reason to update it. Each state has different ways to handle what happens when a child is born after their parents will was written. If your will makes no mention of your child, you're leaving your child's fate to chance. Consult with an attorney to get your affairs in order as soon as possible.
Congratulations on the birth of your new baby. It's my hope that you take the necessary steps to insure your child's future. If you have any questions or would like to schedule an appointment with an experienced attorney who's ready to help you in this new stage of your life, please feel free to contact me at (713) 574-8626 or through the contact form on my website.
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