In the News – 14 Documents Every New Parent Needs
In a news article from The Washington Post, Elisabeth Leamy emphasizes the importance of preparing for your family’s future by having the necessary documents. The whirlwind of your new family member is exciting but might be overwhelming with new information. Take the time now to prepare for your future as much as you can.
Leamy is a consumer reporter and recommends having the documents below to make sure you are fully covered for those “just in case” moments in life.
Birth certificate: Be sure to have this within the first year to avoid potential future problems. Don’t hesitate to order more than one certified copy.
Social security card: Apply right away! Your new baby will need this in order to have health insurance and government services. This is also important if you want to open any financial accounts for your new baby.
Will: Save time and money for your family by properly adding your new baby to your will to guarantee proper distributions of your assets.
Guardianship document: This will direct who is to take care of your new baby if you were to pass.
Letter of instruction: If you have specific wants for your children here is the place to note it. This letter can also be used for precise directions when caring for your new baby.
Trust: This is optional but if you want your new baby to have access to your assets now or later in life here is the place to designate it.
Beneficiary change form: Here is where you add your new baby as a beneficiary or a back-up beneficiary. Any beneficiaries on this form override your will.
Life insurance policy: If you or your spouse pass away, this policy makes sure your new baby is cared for financially.
Health insurance card: This new qualifying life event allows you to add your baby to your health insurance.
Immunization records: You will need these when you enroll your baby in school. It is always good to have a copy on hand.
529 account: You can set up a college savings account for your baby before birth by opening it now and later transferring it.
Form 1040/1040A/1040NR: Don’t miss out on deducting from your taxes due to an additional family member, you could even earn a Child Care Credit.
Flex plan: See if your employer offers this. If so it could allow you to set money aside for the costs of your new baby.
W4: As new parents, you might want to adjust your withholding from the government on your paychecks.
If you plan to have a baby soon or are a new parent and need to create a plan
for the future, the experts at Pankau Law will help you sort through your important documents ensuring your loved ones have the care they need. Contact us
to set up a free consultation to discuss your options and answer any questions you may have when preparing for the future.
This content of this blog is intended for informational purposes only. It is not intended to solicit business or to provide legal advice. Laws differ by jurisdiction, and the information on this blog may not apply to every reader. You should not take, or refrain from taking, any legal action based upon the information contained on this blog without first seeking professional counsel.