Baby on its way? A few things to discuss as new parents

Starting a family can be a bit overwhelming for some couples: from getting the nursery ready and shopping prior to the big day (we’ll call this the fun part) to making sure your financial plans are in line with the new addition.

To begin with, you will probably want to update your insurances. I you don’t have one yet, life or income protection insurance should be a must for all parents. You might also want to review your health insurance and make sure its good enough for you and your whole family.

As for budget, a kid is definitely a game changer for most Australians. Making sure you have the right savings in case something happens (knock on wood), adjusting your monthly budget and probably cutting some unnecessary spendings to have a bit more to spend on there education and support are just a few of the most common changes first-time parents make.

What about our wills?

In case this is a question you’ve never posed to yourself, a will is the legal document that ensures all of your assets are directed where you want them to go in the event of your passing. It outlines who is to receive what and it’s not just limited to money or properties. From your beloved dog, the ring you inherited from your grandma and your iPad to your Amazon account password – you can be very specific in your will.

Why should I have one?

Having a will is mostly a generous thing you can do for your loved ones. Losing a parent or partner is a heartbreaking moment in life and, when there isn’t a will to ease the process, it can become a very traumatic experience for most families and sometimes even result in never-ending feuds.

Baby proofing your will

What’s even more important than money, is making sure that your baby is raised by the person you trust and intended to take on this responsibility. This appointed person will probably receive all or most of your assets, and make sure these are managed correctly until your child is old enough to do it himself.

Who’s in charge?

Last but not least, it is also important to discuss who will be the executor of you will: this is the person you and your partner choose to ensure your estate is distributed properly and according to your will.

If you would like to find out more, head to our Legal-Wills section or contact us and our team will help you.