Becoming a parent is one of life’s greatest joys, but it also comes with immense responsibility.
While you’re busy preparing for diapers, feedings, and sleepless nights, it’s just as important to think about your child’s long-term security.
Estate planning may not be the most exciting part of being a new parent, but it’s one of the most essential.
Without a clear legal plan in place, decisions about your child’s future — including who would care for them if something happened to you — could be left to the courts.
The good news is that estate planning doesn’t have to be complicated. With Trustworthy's Family Operating System®, you can store and manage your will, guardianship preferences, and other critical documents all in one place, ensuring your child’s future is protected.
Why Estate Planning Is Essential for New Parents
Many parents assume that estate planning is only for the wealthy or the elderly, but having a legal plan in place is crucial for anyone with dependents.
If you and your partner were to die unexpectedly, your child's care and financial security could be left in limbo without clear legal instructions.
Estate planning ensures your child’s guardian would be someone you trust, your assets would be distributed according to your wishes, and your child’s financial needs would be protected.
Creating a Will: The Foundation of Your Estate Plan
When drafting your will, consider:
Designating a guardian: Select someone who shares your values, is financially stable, and would be willing to take on the responsibility of raising your child.
Naming an executor: This person would oversee the distribution of your assets and ensure your wishes are carried out.
Establishing a trust: If your child was still under 18, a trust could manage money for their future expenses, such as education and healthcare, ensuring funds would be used appropriately until the child was old enough to manage them independently.
If you already have a will, review it periodically to ensure it reflects your current circumstances, especially after major life events like the birth of another child.
Selecting a Guardian: Who Would Care for Your Child?
Choosing a guardian is one of the most difficult but essential decisions new parents must make.
When selecting a guardian, consider:
Their age, health, and financial stability. Would they be able to care for your child long term?
Their parenting values and lifestyle. Would they raise your child in a way that aligned with your own beliefs?
Their location. Would your child need to relocate and adjust to a new environment?
It’s also a good idea to name an alternative guardian in case your first choice was unable to serve.
Setting Up a Financial Plan for Your Child’s Future
A well-structured estate plan isn’t just about appointing a guardian — it’s also about ensuring your child’s financial well-being. Life insurance, savings, and trusts can provide financial security even if you’re no longer there.
Life insurance: A policy can provide funds for child care, education, and daily living expenses.
Trusts: Instead of leaving a lump sum to a minor child, a trust allows a trustee to manage the funds and distribute them responsibly.
529 college savings plan: If you want to help fund your child’s education, setting up a college savings plan now can provide long-term financial benefits.
By planning now, you can make sure your child has the financial support they need, regardless of what the future holds.
Related: Financial Planning for Parenthood
Storing and Updating Your Estate Plan
Creating an estate plan is just the first step — keeping it updated and accessible is just as important.
Life changes, such as having more children, moving to a new state, or experiencing a major financial shift, may require adjustments to your will and guardianship plan.
Trustworthy makes estate planning easier by allowing you to store, update, and securely share your will, financial records, and guardianship documents in one place. This ensures that, in the event of an emergency, your family can quickly access the information they need.
With these steps in place, you can focus on what truly matters — enjoying the journey of parenthood with confidence and security.
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Trustworthy is an online service providing legal forms and information. We are not a law firm and do not provide legal advice.
