By Megan Gebhardt, Gebhardt Law Office (Estimated reading time: 2 minutes)
As an estate planning attorney, I’m often approached by expectant parents wondering when the right time is to create or update their estate plan, before or after baby arrives?
Why Start Early?
Planning ahead offers many advantages. Once your little one is here, your hands will be literally full with feeding, diaper changes, and sleepless nights. Tackling your estate plan before the baby arrives allows you to dedicate time to thoughtful discussions with your attorney, ensuring all necessary documents are drafted and ready. I always recommend having a Durable Power of Attorney and Health Care Directive in place if you are pregnant. You can do all of this work, and finalize everything except signing the will, waiting until you have your child’s full legal name. There is only so much you can prepare for before adding to your family, and estate planning is one of those tasks that can be completed early.
What About Naming a Guardian?
That said, many parents worry about naming guardians or trustees before meeting their baby. While some opt to wait until after birth to make those decisions, it’s important to note that your estate plan can reference an expected child in a legally binding way that includes them in your estate plan. This means your estate plan can be in place before your family officially grows, offering peace of mind from day one.
Finding Time
Another often-overlooked advantage of planning early is parental leave. Many parents find they have more flexibility to complete important legal tasks during this period compared to their normal schedules. And, once you have your estate plan in place, it is pretty easy to update it as needed, changing things like guardianship nominations, or adding special provisions to the Children’s Trust to reflect your child’s specific needs or circumstances.
Regardless of when you choose to begin, the most important takeaway is this: If you are a parent, having an estate plan is essential. Whether before or after your baby’s arrival, or before or after adding a second or third child to your family, taking action ensures your child’s future is protected.
About the Author
Megan lives in Seattle with her husband and two sons. She is the owner of Gebhardt Law Office, and focuses her practice on estate planning. She meets clients virtually, and offers flat fee estate planning. She serves on the Board of Junior Achievement of Washington, a financial literacy program that empowers youth, and on the Board of the Valley School, a progressive independent elementary school in Seattle. She is an enthusiastic supporter of PEPS — her family is still close with members of their PEPS Group and hopes to remain so for the years to come.
