Congratulations on your new baby! Becoming a parent is an incredible journey filled with joy, love, and a whole lot of sleepless nights. It's also a time when you start thinking about the future in an entirely new way. You want to make sure your child is always protected, no matter what.
While legal documents are probably the last thing on your mind, creating a will and other estate planning tools is one of the most loving things you can do for your child. Here are five key things every new parent should know about wills.
1. Naming a Guardian May Be the Most Important Part of Your Will
If you pass away while your child is still a minor, the first and most crucial question is who will raise your child in your place.
No one wants to think about this, but it may be the most important reason to create an estate plan. If there's no will, a judge who doesn't know you or your family will make this deeply personal decision without your guidance or input.
By creating a will, you can nominate a trusted guardian, and the court will give that nomination strong consideration when deciding what's in your child's best interests.
2. Name an Executor You Trust
An executor (also called a personal representative) is the person you choose to handle your affairs through probate after you pass away.
Their responsibilities include paying bills, distributing assets, and making sure your child receives what you've left for them. This person should be trustworthy, organized, and capable of handling these responsibilities.
You can choose a family member, a friend, or even a professional. If you don't have a will, state law will decide who takes on this role — and it may not be the person you would have chosen.
3. Beneficiaries on Your Accounts Override What's in Your Will
This one surprises a lot of people. Many bank accounts, retirement accounts, and life insurance policies allow you to name a beneficiary. When you pass away, those funds go directly to the named beneficiary, even if your will says something different.
For example: if your parents are listed as the beneficiaries of your bank account but your will says your child should inherit everything, your parents — not your child — get that account.
If your will benefits your child, make sure to review all your financial accounts with your financial advisor and attorney to ensure your beneficiary designations match your intentions. This includes:
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Bank accounts
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Investment accounts
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Retirement plans
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Life insurance policies
4. A Will Might Not Be the Right Tool for Everything
A will is a good place to start, but it has limitations. If you leave money or property directly to a minor through a will, the court must appoint someone to manage it until your child becomes a legal adult (18 or 21, depending on the state). And let's be honest — most young adults aren't ready to manage even a modest inheritance.
If you use a will as your main estate planning tool, you may want to include a testamentary trust, which lets you specify how and when your child receives their inheritance. But a testamentary trust only takes effect after probate, which means your will and the details of your child's inheritance become public record.
An alternative many families prefer is a revocable living trust. This goes into effect as soon as you create it and:
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Allows you to set clear instructions for how your accounts and property are managed.
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Lets you choose how and when your child will receive their inheritance.
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Avoids probate, keeping the process private, faster, and often less expensive.
An experienced Sheil Law Firm estate planning attorney can help you decide which option best suits your family.
5. Without Clear Instructions, the State Decides
Think of a will, trust, and other estate planning documents as your legal instruction manual for what happens if someone needs to step in for you.
If your instructions are unclear — or if you leave no instructions at all — the state's default plan takes over. That means a court decides what happens, not you.
An estate plan is your voice. It ensures your child and loved ones are cared for according to your wishes, not the state's.
Protect Your Child's Future with Sheil Law Firm
Protecting your child's long-term future is one of the most loving and responsible things you can do as a parent. A will is a great starting point, but every family's needs are different.
Sheil Law Firm is here to help you understand your options and create a customized estate plan that fits your family's unique goals.
