Month 9: Create or modify a will10 of 11One of the most overlooked tasks for expectant couples is creating a will that lists who the child's guardian will be, says Lane.What does that involve?"Just a basic estate plan: will, power of attorney and health care proxy," Lane says.She urges expectant parents to finish this paperwork prior to the child's birth."Because once the baby comes, (parents) get consumed with it," Lane says. "I've talked to clients that had to put off getting the estate plan done until the kids are in college ... at which point it's lost a lot of its value." Related Articles:7 ways to save on baby costsTalking finances with the kidsFrugal summer fun10 hot toys for under $20Related Links:Can you afford private school?How secure is life insurance?4 ways to trim health costs today10 best work-at-home jobs advertisement
One of the most overlooked tasks for expectant couples is creating a will that lists who the child's guardian will be, says Lane.
What does that involve?
"Just a basic estate plan: will, power of attorney and health care proxy," Lane says.
She urges expectant parents to finish this paperwork prior to the child's birth.
"Because once the baby comes, (parents) get consumed with it," Lane says. "I've talked to clients that had to put off getting the estate plan done until the kids are in college ... at which point it's lost a lot of its value."