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Third Party Reproduction? Do You Really Need A Surrogacy Escrow?
Yes, you really do need an escrow for your surrogacy journey. Here’s 5 reasons why:
1) Not having an escrow account for your egg donors, surrogates, or intended parents may cost you more in the long run.
Using a surrogacy escrow reduces financial risks for all parties involved.
With timely disbursements and repayments in agreement with the schedule established in the contract, you avoid late fees and the unintended consequences of your surrogate or donor not having exactly what they need.
2) Surrogacy escrows empower all parties with transparency and immediate communication.
Communication is the most important aspect of the collaborative reproductive agreement.
Once a transaction is posted (reimbursements, repayments, and receipts), the intended parents as well as the surrogate receive instant notification and 24/7 access to the account balance. Through the online portal, each party also has access to the surrogate contractual agreement.
3) An escrow creates a win-win, stress-free environment for intended parents and surrogates.
Stress is not good for the body and certainly not for a newborn baby and expanding family.
Intended parents can relax with full knowledge of where their resources are going, and surrogates can relax knowing exactly when those resources are coming in.
Without having to tediously manage every tiny aspect of finances of the third-party reproductive journey, it allows all parties to focus on personal healthcare and wellness.
4) An independent escrow agent serves as a neutral party and in the best interest of everyone.
In an unbiased manner, a surrogacy escrow ensures that payments are circulated in a timely fashion strictly adhering to the contractual agreement.
An escrow makes the surrogacy process easy, fair, and convenient for all.
5) Time.
It can be overwhelming for anyone to manage every single payment, approve every last expense and charge, as well adhere to a strict legally binded schedule and contract.
You will save yourself a lot of time and a lot of headache by leaving this aspect of financial management and communication up to trained surrogate professionals.
For more information:
It works! Save you and your surrogate the hassle of awkward financial convos and delayed payments.
All reputable surrogacy escrow agents offer free consultations. If you would like more personalized information, please reach out to us directly.
6 Ways to Financially Prepare for Your Surrogacy Journey?
Set your financial priorities.
If you and your partner are considering surrogacy, then having a child must become your number one priority. Unfortunately, intended parents may have to sacrifice certain luxuries, wallet-burning habits, and future lavish vacations to compensate their gestational carrier and cover necessary legal fees.
Build up your emergency nest egg.
Just because you have the money doesn’t mean you should spend it. Emergencies happen all the time during the surrogacy journey, and we want to make sure that you and your family have more than enough set aside for unexpected costs and expenses that may arise during the process.
Learn to live within your means and develop a budget.
When having a child, every penny counts. A budget is necessary to ensure financial wellness for your family from now on and into the future. Living within your means will increase your confidence during your third-party reproduction journey.
Consider career changes that will happen postpartum.
Sometimes, maternity and paternity leave is just not enough to satisfy a parent’s longing to be with their child. Newborn babies require a lot of love and a lot of attention. New parents naturally want to take time off of work or completely reorganize their careers once their baby is born. Make sure to plan for a possible decrease in your monthly income and overall salary after conception.
Talk to your surrogate about personal needs and wants.
Your relationship with your gestational carrier is intimate and unique, and it may be necessary for intended parents to provide extra financial support to their surrogates, depending on their expectations. Once you all agree about your wants, needs, and preferences, then both parties can evaluate the cost-benefits of the arrangement.
Find a reputable escrow management service.
Legal protection is vital for such a grand act of service and love from one family to another. Using a surrogacy escrow management company will help provide complete clarity to all parties involved in the agreement in full accordance with the legal contract, which is definitely a win-win.
Overall, when having a child, you never feel like you’re fully ready. But as long as you have love and a positive financial mindset, you and your family will be successful for years to come!
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