Being pregnant is wonderful and while having children and bringing them up can be not only expensive, but stressful and the decision to have children should not therefore be taken lightly. However, children can bring an immense amount of joy into your life, and it is often said that ‘you don’t know love until you have a child of your own’.
While your death will probably not occur for years yet (thankfully!), accidents can happen and for this sole reason, it is hugely important that you prepare for any such eventuality.
Writing a will
Regardless of your age and the age of your baby, they are literally helpless without you, so it clearly makes sense to write a will in order to make provisions for them, in order to help maintain their well-being after you are gone.
Saga Legal explain that even if you already have a will, you should consider reviewing it on a regular to accommodate any changes in your circumstances, of which the arrival of your baby is no doubt the most pressing and important.
Most people tend to make the assumption that their estates will automatically pass on to their children in the event of their deaths, but matters can be complicated if either you or your spouse have been married and divorced previously and/or have children from previous relationships.
Review your will
For peace of mind, it is advisable to amend your will at the best possible opportunity so that your new baby is included in your list of heirs. The will could stipulate outright payments, trust funds that come into effect when the child comes of age, as well as your wishes with regard to custody and education of the child.
As a mother of a newborn baby, it is possible that you have just bought property which unless you stipulate otherwise, will definitely be included in your list of assets in your will and so it is important to tie up any loose ends, such as mortgages, so that the property can be used as a means to look after your child, either in financial terms, arising from the sale of the property, or in terms of simply having a roof over their head.
For more information on how to plan your will, there is a plethora of information on the internet that is comprehensive and easy to find.