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Steps To Take When You’re Having A Baby

Welcoming a newborn is an exciting and life-changing event. While you’re adjusting to parenthood, it’s also essential to update your estate plan to ensure your child is protected financially and legally. This checklist will help you organize important documents, designate guardianship, and secure your child’s future.

1. Legal and Estate Planning Updates

Updating your estate plan ensures your child is legally protected and that your wishes are clearly documented.

Draft or revise your will to include your child as a beneficiary, designate a legal guardian, and outline how assets should be managed for their future well-being.

Choose a trusted person to raise your child if something happens to you and formalize it in your will.

A trust isn’t necessary for everyone, but if you want to control how and when your child receives assets, consider creating or updating one.

Assign financial and medical power of attorney to ensure someone can act on your behalf in emergencies.

Ensure your healthcare directives reflect your wishes, including decisions regarding medical care if you are incapacitated.

2. Financial and Beneficiary Updates

Ensuring financial security for your child is a critical part of estate planning.

Update life insurance policies, retirement accounts (401(k), IRA), and investment accounts to include your child as a beneficiary.

Start saving for your child’s education with tax-advantaged benefits.

Ensure you have enough coverage to provide for your child’s needs in case of an unexpected event.

Consider setting up a high-yield savings account, contributing to a custodial investment account, or working with a financial advisor to build long-term security.

3. Guardianship and Care Planning

Naming trusted caregivers and planning for your child’s well-being ensures their needs are met.

Designate someone who can immediately care for your child if you are temporarily unable to do so.

Outline important details about your child’s upbringing, including values, education, and medical preferences.

Ensure legal custody documents reflect your current family situation, especially in blended families.

Select a responsible person to manage financial distributions for your child’s future.

4. Organizing Important Documents

Keeping essential documents organized makes it easier for your family to access them when needed.

Collect important documents, including birth certificates, updated wills and trusts, life insurance policies, guardianship documents, medical records, and Social Security cards.

Compile names and contact information for pediatricians, legal guardians, estate attorneys, financial advisors, insurance agents, and emergency contacts.

Ensure that the the physical copies of your important documents are stored securely, preferably in a fire and water resistant area.

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5. Health and Insurance Updates

Making sure your child is covered by insurance and medical documents avoids complications in the future.

Notify your employer or insurance provider within the required timeframe (usually 30 days).

Ensure your plan meets your family’s medical needs, including pediatric care and specialists.

Ensure policies reflect your current family structure and financial needs.

Designate someone who can make medical decisions for your child if you are unavailable.

Confirm your child’s insurance coverage, select a pediatrician, and schedule their initial wellness visits and vaccinations.

6. Emergency and Contingency Planning

Preparing for unexpected events ensures your child’s safety and financial security.

Outline procedures in case of natural disasters, medical emergencies, or unexpected situations.

Ensure backup guardians are named in case the primary guardian cannot serve.

7. Updating Personal and Account Information

Updating personal records ensures consistency across all legal and financial accounts.

Ensure legal documents reflect your child’s addition to your family.

Ensure all records reflect accurate information.

This is only necessary if you or your spouse changed your name. Update Social Security first, then notify the IRS when filing taxes.

Leave Your Heirs The Gift Of Organization With a CLEAR Kit

Did you know?

The average estate takes 570 hours to administer.

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