The best time to create your estate plan is before your baby arrives. While you're preparing the nursery and packing your hospital bag, it's also important to prepare for the unexpected. Putting a plan in place before your child is born ensures your wishes are documented and your family is protected from day one.

For most expectant parents, that means creating or updating a will or trust, naming guardians for your child, signing durable financial powers of attorney and advance healthcare directives, reviewing beneficiary designations, and considering life insurance. If you already have an estate plan, your baby's birth is the perfect time to review and update it.

The Bottom Line: Preparing these documents before your baby is born gives you peace of mind, allowing you to focus on welcoming your newest family member knowing you've taken important steps to protect their future.ription text goes here

For most new parents, the answer is yes—you should have at least a will, and many families will benefit from a trust. The right choice depends on your family, your assets, and your goals, but every new parent should have a plan in place.

A will allows you to name a guardian for your child, while a trust can help manage your assets, avoid probate, and provide for your child according to your wishes. Both are important tools, but they serve different purposes. The right estate plan is the one that protects your family—not necessarily the same plan as your neighbor's.

The Bottom Line: The arrival of a new baby is one of life's most important milestones—and one of the best times to create or update your estate plan. Whether you need a will, a trust, or both, the goal is the same: making sure your child is protected if the unexpected happens.

Every parent's estate plan should be designed to protect both their children and the people they love. While every family's needs are different, there are a few essential documents that every parent should consider.

For most families, that includes a will or trust, a nomination of guardians for minor children, a durable financial power of attorney, an advance healthcare directive, and updated beneficiary designations for life insurance and retirement accounts. Depending on your family's circumstances, you may also want temporary guardian authorizations, instructions for caring for your children in an emergency, and a plan for managing assets on their behalf.

These documents work together to answer some of life's most important questions: Who will care for your children? Who will make financial decisions if you can't? Who will make medical decisions on your behalf? And how will your assets be managed for the people you love?

The Bottom Line: Estate planning isn't just about preparing legal documents—it's about creating a plan that protects your family, honors your wishes, and provides peace of mind for the people who matter most.

Choosing a guardian is one of the most important decisions you'll make as a parent. While there's no "perfect" choice, the right guardian is someone who shares your values, will provide a safe and loving home, and is willing and able to care for your child if you're no longer able to do so.

As you consider potential guardians, think beyond who loves your child. Consider their parenting style, health, age, financial stability, location, relationship with your child, and whether they're prepared to take on the responsibility. It's also important to have an open conversation with the person you're considering to make sure they're comfortable accepting this role.

Remember, naming a guardian isn't about predicting the future—it's about giving your child the best possible care if the unexpected happens. You can also name alternate guardians in case your first choice is unable or unwilling to serve.

The Bottom Line: The "right" guardian is the person you trust to love, protect, and raise your child according to the values that matter most to your family. Taking the time to thoughtfully make this decision today can provide immeasurable peace of mind for tomorrow.

Absolutely. In fact, many parents choose different people for these two important roles. The person who is best suited to raise your child isn't always the same person who is best equipped to manage money or make financial decisions.

Your guardian is responsible for your child's day-to-day care—providing a loving home, making educational and medical decisions, and raising your child according to your values. The person who manages your child's inheritance (often called a trustee) is responsible for protecting and administering the assets you've left behind, making distributions as appropriate, and ensuring those funds are used for your child's benefit.

Separating these responsibilities can create an added layer of accountability and allow each person to serve in the role that best matches their strengths. For some families, the same person is the right choice for both roles. For others, dividing these responsibilities provides greater peace of mind and better protects their child's future.

The Bottom Line: You don't have to choose just one person for every responsibility. Your estate plan can be tailored to your family's unique needs, allowing you to appoint the people you trust most to care for your child and protect their financial future.

If both parents die without a will, a court will decide who should be appointed as your child's guardian. While the court's goal is always to act in the child's best interests, it won't have the benefit of knowing your wishes unless you've documented them in an estate plan.

Family members or other interested individuals may ask the court to be appointed as guardian, and if more than one person wants to serve, the court may have to resolve competing requests. This process can take time and may add unnecessary stress during an already difficult period for your loved ones.

By naming a guardian in your estate plan, you're able to express your wishes and provide the court with important guidance about who you believe is best suited to raise your child. While a court retains the final authority to appoint a guardian, your written nomination carries significant weight and can help avoid confusion and conflict among family members.

The Bottom Line: Creating an estate plan allows you—not a judge—to make your wishes known about who should raise your children. Taking this simple step today can provide clarity, reduce uncertainty, and help ensure your children are cared for by the people you know and trust.

Life changes—and your estate plan can change with it. The person you choose as your child's guardian today may not be the right choice years from now. They may move away, experience health issues, have changes in their own family, or simply become unable or unwilling to serve when the time comes.

That's why it's important to name one or more alternate guardians in your estate plan. If your first choice can't serve, your alternate guardian can step into that role without leaving your family wondering what you would have wanted.

Your estate plan isn't a one-time decision. As your children grow and your family's circumstances change, you should review your plan periodically to make sure your guardian nominations still reflect your wishes.

The Bottom Line: Naming alternate guardians—and keeping your estate plan up to date—helps ensure that, even if life doesn't go according to plan, your children will be cared for by the people you know and trust.

Yes. Major life events are the perfect time to review your estate plan. Welcoming another child or purchasing a home can significantly change your family's needs and may require updates to ensure your plan continues to reflect your wishes.

After the birth or adoption of another child, you may want to update your guardian nominations, adjust how assets will be distributed among your children, and review your life insurance and beneficiary designations. If you've purchased a home, you should consider whether your estate plan properly addresses that new asset and whether a trust is appropriate to help avoid probate and simplify the transfer of your property.

Even if you already have an estate plan, reviewing it after a major life event helps ensure that your documents remain current and continue to protect the people and property you've worked so hard to provide for.

The Bottom Line: An estate plan should grow with your family. Whenever your life changes—whether you're welcoming a child, buying a home, getting married, or experiencing another significant milestone—it's a good time to review your plan and make sure it still reflects your goals.

The best time to purchase life insurance is as soon as you have someone who depends on you financially. For many people, that happens when they get married, buy a home, or welcome a child. Purchasing coverage while you're younger and healthy can also make life insurance more affordable.

The amount of coverage you need depends on your family's unique circumstances, including your income, debts, mortgage, childcare expenses, future education costs, and long-term financial goals. While an insurance professional can help determine the right amount of coverage, your estate planning attorney can help ensure those benefits are coordinated with your overall estate plan and distributed according to your wishes.

Life insurance is about more than replacing income—it's about giving your family financial stability during an incredibly difficult time. When combined with a thoughtfully designed estate plan, it can help ensure your loved ones have the resources they need while carrying out the plans you've made for their future.

The Bottom Line: Life insurance and estate planning go hand in hand. Together, they help provide both the financial resources and the legal framework to protect your family if the unexpected happens.

Not automatically. While grandparents are often the first people considered to care for a child, they do not automatically receive legal custody or guardianship if both parents pass away or become unable to care for their children.

If you have not named a guardian in your estate plan, a court will decide who should be appointed based on your child's best interests. Grandparents, other relatives, and, in some cases, close family friends may all ask the court to be appointed as guardian. If more than one person seeks the appointment, the court may need to resolve competing requests.

By naming a guardian in your estate plan, you give the court clear guidance about who you want to raise your child. While the court has the final authority to appoint a guardian, your written nomination carries significant weight and can help avoid unnecessary uncertainty, delays, and family conflict during an already difficult time.

The Bottom Line: Don't assume the people you would choose to raise your children will automatically have that responsibility. By documenting your wishes in a legally valid estate plan, you can help ensure your children are cared for by the people you know, love, and trust.