The eyes of the world have been focused on London, England where the Duke and Duchess of Cambridge’s family has grown again. However, wait a minute here! There are just as many exciting things happening on this side of the pond because all over North America excited moms and dads are welcoming their royal baby (or babies) into the world.
Granted, the media attention may not be as hot and heavy, there might not be gads of novelty items being offered to welcome your new bundle of joy and you might not have spent millions of dollars on a nursery, but there will definitely be a celebration!
The new British heir to the throne will have the benefit of an inheritance that has been years in the making and as long as his parents take good care of it, he will probably be set for life. Your little one might not have access to the financial security usually reserved for Royals but there are many ways that you as parents can create a financial security blanket for your little bundle of joy.
Here are some things to think about when it comes to providing financial security for your new royal baby:
- If each of you do not presently own personal life insurance, now is a good time to get your first policy
- If you do have life insurance, have you sat down recently with your financial advisor to discuss if the amount is sufficient for your new financial responsibilities?
- Do you have critical illness or disability insurance in place in case one of you becomes ill and cannot work?
- If each of you do not have a will, now would be a good time to get one
- If you do have a will, did a lawyer draw it up?
- Have you recently reviewed your will and pre-estate documents for financial, and health matters to make sure they are up-to-date?
- Have you appointed a legal guardian for this new bundle of joy?
- If so, have you discussed your choice with the person or couple you have selected and have you actually asked them to accept the responsibility?
- Have you discussed your wishes with them about raising your child,(e.g. education, religion, etc)
- Do you have a backup guardian in place?
- Do you have all of your important documents and information in one central place and does your executor know where to find them?
While these might not be top of mind things that parents think about when it comes to the arrival of a new baby, they are just as important as the new addition to the family. No one likes to think about these things at the best of times but now is the best time to think about them: today while you still can!
Congratulations to Will and Kate on the arrival of their new addition and congratulations to everyone out there who has just had or is about to welcome ‘your’ royal baby.