Estate Planning for New Parents: Because Protection Starts Now
Becoming a parent shifts everything. Your routines change. Your priorities sharpen. Suddenly, the idea of planning for the unthinkable isn’t just a legal task, it’s a responsibility. A necessary one.
At Fletcher Estate Planning, we work with families who are adjusting to this new phase of life. If you’ve recently welcomed a child, now is the time to get your estate plan in place. Not later. Not someday. Now.
Why New Parents Need an Estate Plan
Choosing a Guardian Is Not Optional
If something happens to you, who steps in? Without a will naming a legal guardian, a court decides. That court may not know your family. It may not share your values. It may not choose the person you would have picked. Naming a guardian in your estate plan gives you a voice in who raises your child if you cannot.
Protecting Your Child’s Inheritance
Minor children cannot legally receive assets outright. If no structure is in place, the court may assign a conservator and your child could receive everything in full at age eighteen. That may not align with your intentions. A trust can set rules, timelines, and protections for how and when your child receives support.
Avoiding Family Conflict
When no one knows your wishes, confusion takes over. That confusion leads to stress, disagreement, and sometimes long-term damage between relatives. Putting your plan in writing reduces guesswork and preserves family relationships.
Securing Financial Stability
A comprehensive estate plan includes tools to help ensure your child has what they need, financially and emotionally, even if you’re no longer there. This may involve naming beneficiaries, setting up a trust, or purchasing life insurance to cover future expenses.
What Should Be Included
A Legally Valid Will
Your will does more than direct your assets. It names guardians. It provides structure. It is the starting point for protecting your child’s future and giving loved ones clear guidance during a difficult time.
Guardian Nomination
You know your family best. Choose someone who shares your parenting values and is both willing and able to raise your child. This should be someone you trust to offer stability, love, and structure. It’s one of the most personal and impactful decisions you can make as a parent.
A Child’s Trust
A trust can manage money for your child in a way that matches your values. You decide how the money is used, who manages it, and when your child gains access. Whether you want funds to cover education, health care, or a first home, a trust allows for flexible, controlled support.
Updated Beneficiaries
Life insurance, retirement accounts, investment funds. These accounts transfer outside of probate and go directly to the person listed. Check that your beneficiary designations reflect your current family structure and are coordinated with your overall plan.
Health Care Directives and Power of Attorney
If you become incapacitated, someone needs the legal authority to speak with doctors and make decisions on your behalf. These documents ensure that happens without delay or court involvement. It’s about protecting your child by protecting yourself first.
Life Insurance Review
The right policy can make all the difference. If something happens to you, life insurance can help pay the mortgage, cover daily expenses, and support your child’s future education. Review what you have and what you might need. Make sure it matches the life you’re living now.
Organized and Accessible Accounts
You don’t need to be wealthy to be organized. Make sure your financial accounts are updated, consolidated where possible, and accessible to the right people. Keeping your estate plan in sync with your financial picture is essential.
Keep Your Plan Current
Things change. Fast. A second child. A cross-country move. A shift in your career. Your plan should change with you. Review it regularly. Set a calendar reminder. Every two or three years, or sooner if something major happens.
Final Thoughts
Estate planning for new parents isn’t about fear. It’s about preparation. About stepping into your role not just as a provider but as a protector.
At Fletcher Estate Planning, we help parents build plans that grow with their families. Whether you’re just getting started or need to update a plan that no longer fits, we are here. Contact us today to schedule a consultation. Let’s make sure your child’s future is secure, no matter what.
