Make Room for Baby! | Cleveland Bradley County Teachers Federal Credit Union

Cleveland Bradley County Teachers Federal Credit Union wants to congratulate you on welcoming a new bundle of joy into this world! Whether your newborn just arrived or you’re preparing for a new addition in the near future, it’s important to know what financial changes need to be made as you make way for baby.

There’s a Baby on the Way

First things first, you want to make sure you have a life insurance policy in place. This type of insurance may be something you haven’t really thought about, or a policy you’ve been putting off to deal with later. However, later is now, especially when you’re welcoming a new addition to your family, as you are the sole providers for your child. Therefore, you want to make sure that if anything happens to you, your loved ones are cared for.

Second, you want to update your will and any other documents that would be vital if you were to pass away, especially while your child is still young. This can be a hard process, but it’s an important one to have in place should anything occur. You want to take steps to ensure that your child is well-cared for by the person of your choice.

In addition, you want to ensure your estate is cared for and protected so that your child is taken care of financially in the future, too. If your child is younger than age 18, a beneficiary needs to be appointed to help care for his or her finances and estate until your child is of age. This person can be the same or a different person than the one taking guardianship.

Whether you’re looking for a savings account for emergencies, a checking account for your child when he or she is old enough to start making deposits, or an investment account to start saving toward your child’s college tuition or your retirement, Cleveland Bradley County Teachers Federal Credit Union has you covered!