Originally answered Sep 21, 2019
- A current will, including designated guardians.
- Life insurance policies with death benefits that when invested will yield income sufficient to replace the lost income.
- Sufficient income to cover the costs of day care or the lower income if one parent decides to work part time or stay home to raise the child.
- Sufficient savings to deal with emergencies and unexpected expenses.
- Savings and investments for the increased costs of raising a child, buying a larger car, or purchasing a larger home in the future.
- Providing for the child’s education using:
- 529 College Savings Plans from Fidelity, TIAA, or Vanguard using an automatic monthly investment.
- Prepaid tuition plans available in some states.