If 2026 is the year you are adding a new baby to your family, congratulations! We know your to-do list to prepare for your new arrival is already long, but it is not complete without one very important thing that many people often miss: creating an estate plan. In fact, a survey by caring.com states that 56% of parents do not have a will or any other estate planning documents.
While estate planning may not sound as exciting as decorating a nursery, it’s one of the most loving and responsible things you can do for your growing family. It ensures that if something unexpected happens, your child will be cared for by the people you trust most, and your financial wishes will be carried out smoothly.
Whether you’re weeks from your due date or just starting to plan, here are a few key steps every first-time parent should take.
1. Name a Guardian for Your Child
This is one of the most important parts of estate planning for new parents. A guardian is the person you legally designate to care for your child if both parents pass away or become incapacitated.
Without a will or guardianship designation, the court will decide who steps in, and it may not be the person you would have chosen. By naming a guardian, you ensure your child is raised by someone who shares your values.
An important tip: Talk to your chosen guardian before naming them in your will. Make sure they’re willing and able to take on the responsibility.
“My husband and I had a great experience with Linville Estate Law. They helped us set up our Trust for our children. They made such a complicated and confusing process so easy! They are very easy to communicate with and are very helpful explaining the legal things in layman’s terms. We have already recommended them to our family to get their estate planning in order.” –Elizabeth
2. Set Up a Will or Trust
A will outlines who will care for your child and how your assets should be distributed. A trust can go a step further, allowing you to set aside funds for your child’s care and education while avoiding probate.
For many young families, a revocable living trust is a smart choice. It lets you maintain control over your assets while you’re alive, ensures smooth transitions if something happens, and protects your child’s inheritance from unnecessary legal complications.
3. Review Your Beneficiary Designations
Many assets – like life insurance policies, retirement accounts, and certain bank accounts – pass directly to named beneficiaries outside of a will. It’s important to review and update these designations now that your family is expanding.
Be cautious about naming your minor child directly as a beneficiary. Minors can’t legally manage inherited assets, so funds could be tied up in court until a guardian is appointed. Instead, consider naming your trust as the beneficiary so the money is managed responsibly for your child’s benefit.
4. Create Powers of Attorney and Advance Directives
Estate planning isn’t just about what happens after death, it’s also about ensuring things run smoothly if you’re temporarily unable to make decisions.
- A financial power of attorney allows someone you trust to manage your finances if you’re incapacitated.
- A healthcare directive ensures your medical wishes are known and followed.
As new parents, these documents are essential. They give each other, and your backup decision-makers, the authority to act quickly and confidently if the unexpected happens.
5. Plan for Your Child’s Financial Future
Beyond your will or trust, consider creating a college savings plan (like a 529 account) and updating your life insurance coverage to ensure your family’s financial stability. These proactive steps help your child thrive no matter what the future holds.
Estate planning and financial planning work hand-in-hand to protect your child’s future, not just legally, but practically.
“As real estate investors and business owners (with 3 kids!) we had a LOT of questions… Linville Legal handled everything with a tremendous level of care and patience. We felt extremely cared for throughout the entire process… We now have a detailed plan in place… They even helped us figure out a LOT of things we hadn’t thought of!” -Charlie
Give Your Child the Gift of Responsibility
As you prepare to welcome your new baby, you’re doing everything you can to provide love, comfort, and security. Estate planning is simply an extension of that, a way to make sure your child is protected and your wishes are honored, no matter what life brings.
At Linville Estate Law, we help new parents create clear, customized estate plans that grow with your family. Whether you’re setting up your first will or establishing a trust, we’ll make the process simple, personal, and stress-free. Click here to schedule your free discovery call with a member of our team today.
“Using Trent for our family’s future planning was one of the best and easiest decisions my family has ever made! During our first interaction, Trent made me feel confident, and that he was committed to guiding me and my wife through the daunting task of ensuring our family would be well taken care of.” -Stanley
