Planning Beginner: Financial Issues for New Parents

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1.
If you (or you and your partner) do not designate a guardian for your child in your will, and you both die, who will then appoint a guardian for the child?
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A court. If it is not spelled out in a will, then a court will designate a new guardian.
2.
You can open up a custodial investment account in your child's name.
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True. This is a good way to get your child started on investing.
3.
All pregnancy costs are covered by health insurance.
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False. This is why anyone planning to get pregnant should investigate what is covered.
4.
In order to qualify for free public services, special-needs children must pass a financial means test.
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True. In order to qualify for free public services, special-needs children must pass a financial means test.
5.
Perhaps the best reason to build up savings before having a child is that _______.
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You may not be working for a while after the child is born. Prepare by building up a savings fund.