Estate Planning Steps for New Parents — Safeguard Your Growing Family’s Future

Welcoming a newborn brings joy and new responsibilities. Even during the hectic early months, creating an estate plan is an important step to ensure your child is protected, no matter what the future holds.

Key Documents Parents Should Prioritize

Beneficiary Designations

Retirement accounts, insurance policies, and some bank accounts pass directly to the individuals you’ve named. Keeping these updated is a quick but crucial part of planning.

Financial Power of Attorney

This authorizes a trusted person to manage bills and financial tasks if you cannot. Parents often choose each other first and then name a successor.

Health Care Power of Attorney

A health care power of attorney appoints someone to make medical decisions for you if you are unable to do so and allows medical providers to share health information with the person you’ve appointed to make decisions during emergencies.

Health Care Directive (Living Will)

A living will provides your appointed health care agent with your direction for certain types of medical care and life support if needed and outlines your preferences for end-of-life choices.

Your Will

In addition to providing direction about who inherits your assets upon your death, a will allows you to identify a guardian for your children, name a conservator to oversee their assets, and select someone to settle your affairs. Many parents also decide that a revocable trust is the best tool to provide for their children’s financial needs if they were to pass away while the children are still young. 

Choosing a Guardian and Conservator

A guardian provides daily care and a stable home.

A conservator manages money and property until your child is mature enough to handle it. Some parents pick different individuals for these roles to balance strengths.

Considering a Trust

Even parents without large estates often use trusts to help manage their children’s financial needs after their passing. A trustee can manage savings for education, housing, or major milestones, ensuring assets aren’t spent too quickly.

Keeping Your Plan Updated

Revisit your estate plan every few years or after major life changes for your family or your chosen guardians.

Creating these protections offers peace of mind and long-term security for your growing family. To get started, contact Martin Pringle’s Estate Planning attorneys today.