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A Financial Planning Guide For Expectant And New Moms

Forbes.com  May 3, 2014

…. “here are some key things that every expectant mother, especially first-time moms, should be thinking about from a personal financial planning standpoint:

…. “**Wills, Trusts and Estate planning – Everyone who has or is expecting a child should have a will. No exceptions. The same goes for having a trust and an estate plan. Moreover, first-time parents may sometimes have other relatives named as beneficiaries for certain investment, insurance and savings vehicles. This means that parents must ensure that they go through all forms in connection with their personal savings accounts, retirement plans, investment accounts and insurance policies to explicitly designate their spouse and children as the beneficiaries. Otherwise, there’s the risk that such funds could get tied up in probate, even if the will is clear as to who should be heir to the estate.”

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