Congratulations! Preparing for the arrival of a new child includes more than stockpiling diapers, infant food and other essentials. It also includes a solid review of your financial portfolio, such as insurance coverages and other important protections.
Here are a few key things to consider:
• Review all options for adding your newborn to your current health insurance. If you are under an employer’s plan, be certain to complete all HR notification requirements.
• Update your will, particularly addressing guardian considerations for who will raise your child in your absence. Keep in mind you may decide the person(s) best suited as guardian(s) is not also the best choice for handling your child’s finances.
• Add new or additional life insurance to your protection plans.
• Update any current beneficiary provisions on your life insurance and retirement plans.
• Apply for your new child’s Social Security number.
• Consider getting an early start on college savings by investigating/establishing a 529 Plan.
Don’t feel like you have to work through these decisions and details alone. Our professionals would be happy to work with your schedule to discuss these or any other financial planning questions you may have.
