By Marc C. Shaffer
My wife recently gave birth to our first child, a baby boy. Not only was he an infertility miracle in the making (that’s another financial story for another day!), but his birth also created the need for estate planning updates across the board.
Caring.com’s 2021 Wills and Estate Planning Study showed a promising statistic for young parents: In 2021, 18-34 year-olds are, for the first time, more likely to have a will than 35 – 54 year-olds. Bringing a child into the world means you’re responsible not just for keeping them alive and healthy each day, but for setting them up for success in the event that you’re not around to care for them any time in the future, which is where a strong estate plan comes into play. Here are three main steps to help you get started: