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Birth of a Dependent Child The birth of a child is an event that has powerful long-term effects on your entire family. Your child will be under your direct care for almost two decades. The planning and care begin long before your child is born, as soon as you know you are expecting. Immediately after your child is born, you will be very busy with day-by-day adjustments. Soon you should consider long range concerns for the future, including savings and college financing. Parents with more than one child also have to face decisions dealing with optimizing the use of family resources to provide for your aging, changing and growing family. At this time, your benefit plans become increasingly vital to your family's well being. Planning Notes: Financial planners recommend that when you have a child you should update a number of personal plans and documents. Here is a checklist of some items which you may need to update, revise, or consider: Will Living Trust Estate Plan Durable Powers of Attorney Designation of Beneficiary: IRA, 401k, Life Insurance Adequacy of Life Insurance Adequacy of Disability Insurance