New Baby, New Priorities: Why It’s Time for an Estate Plan

1. Naming a Guardian for Your Child

Who would raise your baby if something unexpected happened to you?
Without a will that names a guardian, a court will decide — and it might not be the person you’d choose.

An estate plan ensures that:

• You select a trusted person who shares your values.

• Your wishes are legally binding, avoiding family disputes.

• Temporary guardians can also be named (for emergencies).

This single decision brings enormous peace of mind.

2. Providing Financial Security

Children can’t inherit money directly, so you’ll need to establish a trust to hold assets for them until they reach an age you choose (like 25 or 30).

Benefits of a trust:

• Protects assets from misuse or creditors.

• Allows you to control how and when your child receives funds.

• Ensures a smooth transition of support, even if you’re not there.

You can also update your life insurance policies to make sure your child (or their trust) is the beneficiary.

3. Updating Beneficiaries and Insurance

Now’s the time to review all accounts:

• Life insurance

• Retirement plans (401k, IRA)

• Pay-on-death accounts

If your baby was just born, your spouse or the trust for your child should likely be listed as a primary or contingent beneficiary.

4. Planning for Medical and Financial Decisions

If you’re ever unable to make decisions, who steps in?
Every adult — especially parents — should have:

• A Healthcare Power of Attorney

• A Living Will

• A Financial Power of Attorney

These documents ensure your bills are paid, and medical care aligns with your wishes, even if you can’t speak for yourself.

5. Reviewing Your Insurance and Budget

Estate planning isn’t only about documents — it’s about readiness.
Evaluate:

• Term life insurance for income replacement

• Disability insurance for income protection

• Emergency savings for short-term needs

Your financial plan and estate plan should always work together.

6. Keeping Your Plan Updated

Life changes fast. Update your estate plan when:

• You have another child

• You move states

• You buy or sell property

• Your marital status changes

A plan isn’t a one-time document — it’s a living guide for your family’s security.

The Bottom Line

Creating an estate plan after having a baby isn’t morbid — it’s one of the most loving things you can do. It’s about protecting your child’s future, preserving your wishes, and giving your growing family peace of mind.

Because the best gift you can give your new baby isn’t just love — it’s security.