Your family is growing. Your protection should too.
Having a baby changes everything — including what you need to have in place legally. The good news: the essentials are simpler than you think, and you can get them done before the next feeding.
Why estate planning matters for new parents
Your child can't advocate for themselves yet — that's your job. An estate plan puts your preferences on record: who should raise them, how their inheritance should be managed, and who steps in to handle decisions if you're temporarily unavailable.
Without documentation, these decisions default to courts and state law. With it, your family has a clear path forward.
What you need to know
1
Guardian nomination
Name who you'd want to raise your children — and a backup. Courts give strong weight to a parent's documented wishes.
2
Trust for minors
Children can't manage inherited assets on their own. A trust names a trustee to manage funds and sets the terms: what the money can be used for, and when your child gets full access.
3
Beneficiary updates
Retirement accounts and life insurance pass directly to named beneficiaries — outside your will. Designations may need updating to reflect your current family.
4
Life insurance review
A new child means new expenses over 18+ years. Most parents find their existing coverage no longer matches reality.
5
Healthcare directives
Document your medical preferences and name someone to make healthcare decisions if you can't speak for yourself.
6
Financial power of attorney
Name someone to manage bills, accounts, and financial matters if you're incapacitated — even temporarily.
Your new baby or adoption checklist
Choose a guardian and backup
Create your trust with guardian nominations and inheritance terms
Name a trustee to manage assets
Update beneficiaries on retirement accounts
Update beneficiaries on life insurance
Assess life insurance coverage
Create a Healthcare Power of Attorney
Create a Financial Power of Attorney
Store documents where your family can find them
Frequently Asked Questions
A court decides. A judge who's never met your family will choose based on who petitions and statutory priority — typically close relatives, but not necessarily the person you would have picked. Naming a guardian doesn't guarantee a court will follow your wishes, but courts give strong weight to a parent's documented preference.
That's up to you. Without a trust, most states release assets to children at 18 — ready or not. A trust lets you set the terms: a trustee manages the funds until the age you specify, and you can define what the money can be used for in the meantime (education, health, housing) and whether they get it all at once or in stages.
You can share a single trust that covers both of you, which is what most couples do. But each parent should have their own healthcare directive and power of attorney — these are individual documents that name who can make decisions for you specifically.
A common formula: enough to replace your income for 10-15 years, plus pay off the mortgage, plus fund childcare and education. Most new parents are underinsured by $500K or more. Term life insurance is inexpensive when you're young and healthy — this is the cheapest it will ever be.
This is common. Start by listing what matters most — values, location, parenting style, financial stability — and see where you align. Remember: you're also naming a backup, and your trustee (who manages the money) can be a different person than your guardian (who raises the child). Separating those roles sometimes breaks the logjam.
Free tools to help
Documents and calculators to guide you through the process.
How Much Life Insurance Do I Need?
Calculate how much life insurance coverage you need. Accounts for income replacement, debt payoff, college funding, and state-specific factors like cost of living and estate taxes.
Use Calculator
Do I Need a Trust or Will?
Compare trusts vs wills for your specific situation. See probate costs, trust administration expenses, and whether your estate qualifies for simplified procedures based on your state and estate value.
Compare Options
Are My Beneficiary Designations Protected?
See how your state handles beneficiary designations after divorce, inherited IRA creditor protection, and spousal consent requirements for retirement accounts.
Check Now
As life happens, SimplyTrust
Marriage
Starting a life together means planning for it. Beneficiary updates, asset titling, powers of attorney, and what blended families need to know.
Divorce
Your life is changing. Your documents should too. Beneficiary updates, trust replacement, POA revocations, and the steps to protect your independent future.
Loss of a Spouse
When you're ready, this won't take long. Settling the estate, claiming survivor benefits, retitling assets, and updating your own plan.
New Home
Your home is probably your biggest asset. Protect it like one. Property titling, trust ownership, and how to keep your home out of probate.
Inheritance
Inheriting assets brings responsibility. How to manage, protect, and plan for inherited wealth — including tax implications and trust options.
Retirement
Retirement changes your financial picture. Healthcare directives, beneficiary reviews, long-term care planning, and protecting what you've built.
Serious Diagnosis
A serious diagnosis changes priorities. Healthcare proxies, financial powers of attorney, and the documents that ensure your wishes are honored.
Moving to a New State
State laws vary significantly for wills, trusts, and powers of attorney. What to review after relocating to make sure your estate plan still works.
Death of a Parent
Losing a parent is overwhelming. What needs to happen next — settling the estate, navigating probate, and the steps to move forward.
Named as Executor
Being named executor means navigating probate, managing assets, and distributing the estate. What's expected, what you can charge, and how to start.
Named as Trustee
Being named trustee means managing trust assets and carrying out the grantor's wishes. Your duties, timeline, compensation, and how to get started.