Secure Your New Baby's Future With Estate Planning

Establishing a Trust

Trusts are powerful tools in estate planning that can provide financial security for your child. A trust allows you to set aside assets for your child’s future, managed by a trustee until they reach a specified age. This can be particularly beneficial for managing large sums of money, ensuring that funds are used for education or other important needs. Trusts can also help minimize estate taxes, preserving more of your wealth for your child¹.

Designating Beneficiaries

When setting up life insurance policies, retirement accounts, or investment funds, it’s vital to designate beneficiaries. This ensures that these assets are transferred directly to your child or their guardian without passing through probate, which can be a lengthy and costly process. Regularly reviewing and updating beneficiary designations is essential, especially after significant life events such as the birth of a child².