Perhaps a more palatable way to frame the difficult question of what would happen to your child if both parents die is this: “Do you want your in-laws to raise your child?”
That could be the question that drives a couple to meet with an estate planning attorney. According to Investor’s Business Daily in “When Couples Have Their First Baby, Advisors Deliver,” young couples need estate planning, especially when they are expecting their first child. The attorney will help them address guardianship issues, draft a living will and prepare other important documents.
Life insurance and long-term disability coverage become very important. Some folks believe they are covered because they have disability insurance at work. This may not be enough.
Don’t let financial stress add to the stress of raising a child. Sit down with a qualified estate planning attorney and go over some of the important issues that now must be addressed as you start your family.