Baby on Board: Diapers, Formula and Estate Plan!

Been there, done that. Experiencing the birth of my daughter was just about the most powerful and unforgettable moment I've ever lived - and probably I'll ever will. Regardless of how prepared I though I was, the first time she looked at me I had a complete meltdown - butter meltdown. Reality quickly set in by a sleepless and chaotic learning curve every young couple goes through of feeding, burping, pooping, bathing, baby talking, clowning, taking millions of pics of her, and eventually, collapsing of exhaustion after she falls soundly asleep.

Once that beloved tornado passed, we eventually started planning for more than a few minutes ahead of us, including things like life insurance and starting a college fund. One thing we knew we had to do but never got to it, however, was to put an estate plan in place.

Fast forward nine years later, and life decides to throw us a curved ball -- or more like a wicked ball. A much different tornado leaves devastation and confusion on its path: Cancer. Never the thought of dying young crossed our minds, let alone caring about the legacy we would leave behind - that was a concept to tackle way later in our lives. But one that, had we discussed ahead of time, would have made an important difference. From the mundane of bouncing like a ping-pong ball trying to get my wife's medical records reach an endless list of specialists without a healthcare proxy or HIPAA release, to the heavy burden of making important decisions about hospice, or figuring out what would be her preferences about final disposition without her living will. Or how would she wanted to raise our daughter without a Purposeful Trust. Five years later there are still frozen bank accounts in her name and I'm yet to figure out what to do with her Facebook page. This was not the plan, but it happened.

Estate Planning is not just for Grandpa and Grandma: Mom and Dad owe it to their kids to have an estate plan in place in case the unthinkable happens. It should be part and parcel of the overall financial and family planning. Avoiding the issue now may spare from uncomfortable moments, but the price is too high: it may leave our most treasured possession - our kids - too vulnerable, too exposed.

For those who have young children, regardless of your net worth, I urge that you consider the following:

1. Designate someone who agree to take custody of your kids should both of you die before they become adults. This trusted person should share your principles and parenting style. You do this through a properly crafted document that a guardianship court will recognize. In this blog I expand on this issue: https://www.linkedin.com/pulse/choosing-guardian-your-kids-whats-name-daniel-coriat/

2. Give your spouse (or someone you trust) the ability to make financial and medical decisions on your behalf should you become incapacitated or unable to communicate with others. Don't repeat my mistake -- the obstacles I encountered dealing with banks and doctors only compounded the pain, confusion and conflict already surfacing among everyone in the family. Here I expand on how an estate plan should look like, regardless of how young or little savings you may have: https://www.linkedin.com/pulse/estate-planning-rich-right-nope-daniel-coriat/

3. Get life insurance. Whole, term, universal, whatever, but get it. I learned the hard way that we are not immortal, and life insurance goes a long, long, way at providing for those who stay behind. Even more so if you are starting a family and your net worth may not be enough to overcome the loss of one of you.

4. If you get life insurance, designate a living trust as the beneficiary of the death benefits. This will add a vital layer of protection to provide for your loved ones. Read here to see what I mean: https://www.linkedin.com/pulse/got-life-insurance-beware-choosing-wrong-beneficiary-daniel-coriat/

So, if you have young children, you owe it to them and to your spouse to reflect on the "what ifs" and have a plan in place to protect them. While you are at it, do not underestimate the importance of having a robust and well-thought plan, not just any plan. Downloading forms or using online DIY services may save you some money, but unless you know exactly what you are doing, the end result may leave your family even more exposed than without any estate plan. In this blog I discuss the perils of DIY'ing an estate plan: https://www.linkedin.com/post/edit/estate-planning-nah-ill-diyit-fraction-what-lawyer-may-daniel-coriat.

To learn more about protecting your family and your legacy call us at (305) 924-2918 or email us at dcoriat@strategic-a.com so we can explore your optimum estate plan.