What financial and legal planning should you do for a baby?

Originally answered Sep 21, 2019

1. A current will, including designated guardians.
2. Life insurance policies with death benefits that when invested will yield income sufficient to replace the lost income.
3. 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.
4. Sufficient savings to deal with emergencies and unexpected expenses.
5. Savings and investments for the increased costs of raising a child, buying a larger car, or purchasing a larger home in the future.
6. 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.

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