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New Baby Checklist: Estate Planning For Two?


In the August 2006 issue of Parents magazine, an article appeared titled "New-Baby Checklist." The checklist included such essentials as (1) Post Emergency Information In Plain View (2) Check Your Insurance Coverage (3) Test and Replace Smoke Detectors and Carbon Monoxide Detectors (4) Install Safety Devices in the Home and (5) Start a College Savings Plan.

One of the ESSENTIALS listed was "Make A Will" appointing someone as the guardian of the baby and naming someone as the trustee of the baby's money.

The article truthfully stated that, if a new parent fails to make a new Will, then then the state government and the courts will decide who raises the child and who manages the child's money.

At The Bailey Law Firm, we half-jokingly state that any person who has a minor child and does not have a Will should be reported to the department of child services for neglect - notice we said half-jokingly . . .

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