We Just Had a Baby: Do We Need a Will Now?

Bringing home a new baby changes everything. Your routines, your priorities, your sleep. Amid the whirlwind of feedings, diaper changes, and baby-proofing, it’s easy to overlook the less visible aspects of parenthood, like estate planning.

But here’s the truth: if you’re a new parent, creating a Will might be one of the most important things you can do for your child’s future. It’s not about being morbid, it’s about being prepared, just like you’d stock up on diapers or install a car seat.

Let’s break down what every new parent should know about why having a Will matters now more than ever.

Why Wills Matter When You Have a Child

A Will does more than decide who gets your belongings. For new parents, it provides legal clarity on some of the most personal decisions you could ever make.

Here’s what a Will allows you to do:

• Name a legal guardian for your child if something happens to both parents.
• Specify how your assets (money, home, insurance proceeds) should be managed and distributed.
• Avoid court battles or confusion by putting your wishes in writing.
  

Key Point: Without a Will, none of your intentions are guaranteed, regardless of what family or friends know you would have wanted.

Why timing matters:

• A Will created before having children doesn’t automatically account for them unless updated.
• Accidents and illnesses are unpredictable and having something in place early gives you peace of mind.
  

Naming Guardians and Making Financial Decisions

Choosing a guardian and planning how your child will be supported financially are two of the most impactful decisions you’ll make.

Naming a Guardian

In your Will, you can legally name the person you trust most to raise your child if you’re no longer able to. This person will take on parental responsibilities if both parents pass away or are incapacitated.

When considering a guardian, ask yourself:

• Do they share your values and parenting style?
• Are they emotionally, physically, and financially able to care for your child?
• Are they willing to take on the role?
• Where do they live, and would your child have to relocate?

You can also name an alternate guardian in case your first choice is unable or unwilling to serve when needed.

Tip: Have an honest conversation with the person you’re naming. It’s a major responsibility, and they should be on board.

Financial Planning for Your Child’s Future

Creating a Will also lets you decide how your assets will be managed for your child.

Key tools include:

• Creating a Trust for your child’s inheritance: A Trust allows you to leave money for your child while specifying how it should be used (e.g., education, living expenses) and when they gain full control (often at a more mature age).
• Appointing a trustee: This is the person who will manage the Trust. You can choose someone different from your child’s guardian if you want to separate caregiving from financial decision-making.
• Updating beneficiary designations: Make sure your life insurance policies, retirement accounts, and bank accounts reflect your new priorities.

Important: Without a Trust, any money left to your child could be placed under court supervision until they turn 18, and then handed over in full, regardless of maturity level.

What Happens If You Don’t Have a Will?

No one likes to think about worst-case scenarios, but understanding the risks can highlight the importance of planning.

Here’s what could happen if you die without a Will:

No Named Guardian

• The court will choose a guardian for your child.
• Family members may disagree, causing unnecessary legal conflict and emotional stress.
• Your child could be placed in foster care temporarily while decisions are made.
  

Probate Court Handles Your Assets

• The state will decide how your estate is divided, based on laws, not your wishes.
• Minor children can’t directly inherit money, so the court will appoint someone to manage it.
• The process can be slow, public, and expensive.
  

Unintended Consequences

• Funds may not be used the way you’d prefer.
• If both parents pass away, siblings could be separated or placed with different relatives.
  

Bottom Line: The absence of a plan doesn’t mean no plan, it just means the state’s plan, not yours.

Protecting Your Growing Family Starts Now

The best time to create or update a Will? Right after a major life change, and becoming a parent is one of the biggest changes there is.

Creating a Will as a new parent isn’t about fear, it’s about love, protection, and responsibility. It’s a way to ensure that no matter what happens, your child will be raised by someone you trust and supported by the resources you’ve worked hard to build. If you’re ready to take the first step towards peace of mind, schedule a free consultation with David Das today.

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