5 Estate Planning Tips Every New Parent Should Know

Joseph D'Urso
Jul 15
3 min read

Welcoming a new child into your family changes everything. Along with choosing a pediatrician, setting up a nursery, and planning for your child's future, it's also a good time to think about protecting your family through estate planning.

Many new parents assume estate planning can wait until they're older or have accumulated more wealth. In reality, having young children is one of the most important reasons to create an estate plan.

If you are a new parent and need estate planning assistance, call us today: (201) 844-8744

Here are five things every new parent should know.

1. Choosing a Guardian May Be the Most Important Decision You Make

If both parents pass away while a child is still a minor, someone will need to care for them.

A will allows you to nominate the person you want to serve as your child's guardian. While the court makes the final appointment, your wishes carry significant weight.

Without a will, the court must determine who will raise your child without knowing your preferences.

Choosing a guardian is one of the most important decisions parents can make.

2. Select Someone You Trust to Manage Your Estate

Your estate plan should also name an executor, sometimes called a personal representative.

This individual is responsible for:

Handling the probate process
Paying debts and expenses
Managing estate assets
Distributing property according to your wishes

Choosing someone who is organized, responsible, and trustworthy can help make the administration process much smoother for your family.

3. Review Your Beneficiary Designations

Many parents are surprised to learn that assets such as life insurance policies, retirement accounts, and certain financial accounts generally pass according to their beneficiary designations—not according to their will.

After having a child, it's important to review these designations and make sure they coordinate with your overall estate plan.

Keeping your beneficiary designations up to date helps ensure your assets go where you intend.

4. A Will May Not Be Your Only Option

A will is an excellent starting point for many families, but it is not always the only estate planning tool to consider.

Depending on your goals, a revocable living trust may offer additional benefits, including:

Avoiding probate for properly titled assets
Providing greater privacy
Allowing someone you choose to manage your child's inheritance
Controlling when and how your child receives inherited assets

Every family's circumstances are different. An estate planning attorney can help determine whether a will, a trust, or a combination of both is appropriate.

5. Estate Planning Gives You Control

Without an estate plan, many important decisions are left to New Jersey law and the probate court.

An estate plan allows you to:

Choose guardians for your children
Decide who will manage your estate
Determine who inherits your assets
Appoint trusted individuals to make financial and healthcare decisions if you become incapacitated
Create a plan that reflects your family's unique needs

Rather than leaving these decisions to the court, estate planning allows you to make them yourself.

Protect Your Growing Family

No parent likes thinking about worst-case scenarios, but creating an estate plan is one of the most important steps you can take to protect your child. Whether you are welcoming your first baby or expanding your family, having the proper legal documents in place provides peace of mind and helps ensure your wishes will be honored.

Estate Planning for Families in Bergen County at The Law Offices of Joseph A. D'Urso

At The Law Offices of Joseph A. D'Urso, we help parents throughout Bergen County create estate plans that protect their children and prepare for the future. If you need your first will, want to establish a revocable living trust, or need guidance choosing guardians and updating beneficiary designations, we can help you create a plan tailored to your family's needs.