Whether you have just had your first child or you are off to having your third, you have plenty to think about. First time parents juggle diapers to change, storybooks to read, a home to baby-proof — not to mention finding time for sleep.
More seasoned parents have to think about schools, after school activities and play-dates. But every parent should take some time read the following five tips to ensure that your child is protected and that the memories you make together as a family are too. Here are our top tips on what to do if you already have a child or are expecting one.
1. Update your life insurance policy:
If you don't have a life insurance policy, now is the perfect time to get one. Life insurance is an essential measure of protection for your growing family. It can protect your new baby financially or ensure that your existing family can stay in your home and fund college tuitions in the event you are no longer present to provide a secure financial future.
2. Obtain or update your will:
It's very important for any parents to obtain a will if they don't have one or update their wills to leave instructions related to their children. You may have guardians in mind to take care of your child in the event you no longer can. However, it's critical to put your wishes into a legally binding document so you can be sure they'll be carried out.
3. Check your beneficiaries:
If you already have life insurance or other types of coverage that pay benefits upon the policy-holder's death, make sure you update your beneficiary designations to take care of your new arrival. Due to legal considerations for minors, you may want to think about designating a guardian to administer benefits for your children.
4. Store copies of your important documents online:
There's a new option available these days to safeguard vital documents — storing them online. It's generally less expensive than renting a safe-deposit box, and unlike a physical document, an electronic version is safe from fire, floods or other natural hazards. Reputable online document storage companies have a series of backup systems to make sure your documents stay safe. And in case of emergency, you can easily access them.
5. Reserve a domain name for your child:
Children born today will grow up in a world in which the importance of the Internet is a given. Staking out a piece of cyberspace for your new baby or your active teen can ensure that he or she will have an online home in the future. It's fast and relatively inexpensive to do, and your child will thank you later.
New parents have plenty to think about after bringing a bundle of joy home. First-time parents especially may feel overwhelmed at the list of responsibilities associated with a new addition to the family. But remember, whether you have just had your newborn or you are a well seasoned parent, your children are counting on you to keep them secure and plan for the future. By following these five tips, you'll be making a good start.