Any expecting parent feels a combination of excitement and worry. First, it is exciting that you will soon have a baby who you will love more than anything! However, the worry will set in — you’ll also need to take care of that baby’s every need to keep them healthy and happy.
Among the many things you need to do before your baby arrives, there are certain steps you need to take to ensure their continued well-being no matter what happens.
We recommend you get the following 3 things in order before your due date arrives:
1. Financial Health
You may be mentally prepared for all the expenses that come with raising a baby. You’re probably ready to spend money on everything from clothing to diapers.
But have you put plans in place in case something happens to you?
While no one likes to plan for their own death, unfortunately, anything could happen at any time. You should be prepared to have your child’s financial well-being taken care of.
Therefore, it is a good idea to get term life insurance. Term life insurance will pay out if you die within the term of the policy (usually 20-30 years) and it will put your child in better shape to continue living a higher quality of life.
It is also important to prepare a will that states exactly what you want to happen to your estate when you die. This will prevent any conflict or hold-ups in the process of inheritance.
2. Guardianship
Of course, all the money in the world means nothing if there is no one to take care of your precious child. Hopefully, you have a loving and supportive family who would be willing to step in.
Of course, you may have preferences over who you want to raise your child if worse comes to worst. Certain family members, while well-intentioned, may not be the ideal candidates for one reason or another.
As such, you should have this tough conversation with the person or people who you would want to be the guardians of your children. If they agree, you should be ready to put this in writing in the form of a legal document.
When coming to a decision like this, you will also need to consider a guardian’s financial situation. When you purchase your life insurance, you will be able to determine how it would be paid out so as to remain with your child while helping the guardians pay expenses, too.
Remember that you are asking a lot from these loved ones and be prepared to accept an answer in the negative. It doesn’t mean they don’t love and care for you, but they may simply have their own plans for the future that would not be able to accommodate children.
3. Family Conversations
One of the trickiest matters in these circumstances is family politics. You and your partner each have a family with their own ideas and wishes. This could lead to bitterness and resentment, as well as infighting of which your kid gets caught in the middle.
When you have chosen your child’s legal guardians, you should speak to your families and explain what will happen and why. If you’ve made it official in a legal sense, they may be upset but will have no recourse. You may have to manage their anger and hurt, but that is as far as the matter will go.
If you and your partner die, the ideal scenario is that your child has the best support possible. It is ideal that both families are on board with whatever you have chosen. These are tough conversations to have, but it is better to get through them than for these issues to impact your child during what would already be a terrible time.
Ideally, you should take care of the above three things for your baby’s future even before they arrive. This will give you the chance to spend time with your newborn in the present, without obsessing over the future, when they do arrive!
